China stocks edge higher, Alibaba drags Hong Kong shares lower

But both indexes were set for weekly losses. ** Gains in the morning session were led by the logistic sector, with the CSI 300 transportation index up by 1.2% after some companies including STO Express and Yunda Holdings reported robust revenue gains in October.

China shares edged higher on Friday, helped by logistics stocks, while Alibaba put Hong Kong equities on course for their worst day since early October after reporting disappointing earnings. ** The Shanghai Composite Index rose 0.34% to 3,532.55, while the blue-chip CSI300 index gained 0.18% to 4,846.09 by the end of the morning session. But both indexes were set for weekly losses.

** Gains in the morning session were led by the logistic sector, with the CSI 300 transportation index up by 1.2% after some companies including STO Express and Yunda Holdings reported robust revenue gains in October. ** By midday, the consumer staples sector rose 0.85%, the real estate index inched up by 0.48%, while the healthcare sub-index lost 0.65%.

** The smaller Shenzhen index was up 0.52%, the start-up board ChiNext Composite index was higher by 0.29%, and Shanghai's tech-focused STAR50 index rose 0.98%. ** However, some analysts said market participants were wary of any future developments in Sino-U.S. relations after top leaders from the two countries held a virtual meeting earlier this week. U.S. President Joe Biden said on Thursday the United States was considering a diplomatic boycott of the Beijing Olympics.

** In Hong Kong, the benchmark Hang Seng index dropped 1.8% to 24,874.90, while the Hong Kong China Enterprises Index lost 1.7% to 8,884.55. ** Analysts attributed the fall to disappointing earnings from Chinese e-commerce giant Alibaba, which heightened worries about Beijing's broad regulatory crackdown and slowing growth in the world's second-biggest economy.

** Shares of Alibaba dropped by 10.38% to HK$139.8 after the company forecast annual revenue to grow at its slowest pace since its 2014 stock market debut as second-quarter results missed expectations due to slowing consumption, increasing competition, and a regulatory crackdown. ** "Asian equities are facing turbulence as a confluence of powerful headwinds is building -- a slowing China, higher commodity prices at the wrong time of the business cycle, and a mild rebound in household demand," said Sanjay Mathur, chief economist for Southeast Asia and India at ANZ.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)