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Hong Kong shares slip in wake of British election, China inflation data
June 9, 2017 / 8:22 AM / 4 months ago

Hong Kong shares slip in wake of British election, China inflation data

June 9 (Reuters) - Hong Kong stocks, which recently hit multiple 23-month highs, slipped on Friday, with sentiment hurt by uncertainly stemming from the outcome of the British election and China producer price data suggesting an economic slowdown.

But the benchmark index still rose for the week, as Chinese money flowed south, fleeing from a market coming under increasing pressure from a slowing economy and policy tightening.

The Hang Seng index fell 0.1 percent, to 26,030.29, while the China Enterprises Index lost 0.5 percent, to 10,592.17 points.

For the week, the HSI advanced 0.4 percent. The HSCE dropped 0.7 percent this week.

An index tracking Chinese property developers dropped nearly 2 percent on Friday, correcting after rapid recent gains.

“With the latest surge in the Hang Seng, our allocation model suggests that it is rapidly losing its appeal,” BOCOM International’s Hong said.

“While it is likely to push new highs, the easiest gains seem to be already in the bag.” (Reporting by the Shanghai Newsroom; Editing by Richard Borsuk)

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