Tech stocks drag Hong Kong shares lower on U.S. rate hike concerns

** The U.S. consumer prices rose sharply in January, leading to the biggest annual spike in inflation in 40 years, which could fuel financial market speculation for a 50-basis point interest rate hike by the Federal Reserve next month. ** Hang Seng Tech Index lost 1.2%, with Meituan and Tencent down 2.5% and 1.5%, respectively.

Hong Kong shares ended lower on Friday, dragged down by tech giants on bets of more aggressive U.S. interest rate hikes after red-hot inflation data, while gains in financial stocks limited losses. The Hang Seng index fell 0.1% to 24,906.66, while the China Enterprises Index lost 0.1% to 8,784.39.

** For the week, the Hang Seng Index and the China Enterprises Index added 1.4% and 2.3%, respectively. ** The U.S. consumer prices rose sharply in January, leading to the biggest annual spike in inflation in 40 years, which could fuel financial market speculation for a 50-basis point interest rate hike by the Federal Reserve next month.

** Hang Seng Tech Index lost 1.2%, with Meituan and Tencent down 2.5% and 1.5%, respectively. ** The healthcare sector slumped 3.3%, with Innovent Biologics Inc plunging 7.5% as U.S. FDA advisers call for a new trial of the company's lung cancer drug.

** New bank lending in China more than tripled in January from the previous month, beating forecasts and hitting a record high. Growth of outstanding total social financing (TSF), a broad measure of credit and liquidity in the economy, also accelerated, touching a six-month high. ** Hang Seng Finance Index rose nearly 1%, with insurer Ping An and China Life up more than 3% each.

** Mainland property firms listed in Hong Kong jumped 2.2% after a media report that China will allow real estate firms easier access to presale proceeds from residential projects, loosening a liquidity squeeze on the sector. ** However, Zhenro Properties and Zhenro Services Group fell more than 50% each on market speculation it had plans to restructure its dollar bonds.

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