Hong Kong Hang Seng ends flat

7 Feb 2022 , 05:30 PM

Hong Kong share market finished session little changed on Monday, 07 February 2022, as caution ruled the market following Chinas downbeat economic data, and fears that the Fed will accelerate steps to tighten its monetary policy after strong U.S. wage and employment data.

At closing bell, the benchmark Hang Seng Index advanced 0.03%, or 6.26 points, to 24,579.55. The Hang Seng China Enterprises Index added 0.06%, or 5.16 points, to 8,559.53.

Mondays trading was muted as investors digested the latest economic data from China showing a slowdown in service activity. The Caixin/Markit Services PMI slipped to 51.4 in January from 53.1 in the previous month, as the resurgence of COVID-19 infections weighed on the services sector of the worlds second-largest economy.

Traders are also looking ahead to the release of the US consumer price index for January later this week, with economists predicting another multi-decade high print on inflation.

Leading the upside were state oil-giant CNOOC, up 4.2%, followed by PetroChina, up 3.3%, and then telecom service China Mobile, up 3%. On the downside were e-commerce colossus Alibaba, down 4.5%, and AAC Technologies, off 3.3%.

Alibaba Group fell nearly 5% amid speculations that Softbank Group may offload some of its shares in the Chinese e-commerce giant.

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