China, HK stocks fall on COVID outbreaks, weak economic data

** That followed Wednesday's data showing China's factory gate inflation fell in October, the first monthly decline since 2020. ** Gloomy economic outlook offset optimism that China may relax COVID restrictions next spring. ** Most sectors fell in China, with defence, tech and environment protection stocks leading the declines. ** In Hong Kong, tech stocks slumped 3.3%, while Chinese developers lost 0.7%.

China and Hong Kong stocks fell on Thursday, as worsening COVID situations and feeble economic data outweighed optimism about an eventual economic reopening. ** China's bluechip CSI300 index fell 0.8%, to 3,685.69 points, while the Shanghai Composite Index lost 0.4%, to 3,036.13 points.

** In Hong Kong, the Hang Seng index dropped 1.7%, to 16,081.04 points, while the Hong Kong China Enterprises Index lost 2.1%. ** China reported 9,005 new COVID-19 infections for Nov. 9, including both symptomatic and asymptomatic cases, compared with 8,335 new cases a day earlier.

** In China's southern manufacturing hub of Guangzhou, millions of residents are being tested for COVID-19 in a fight against city's worst outbreak so far. ** Stringent COVID curbs have added downward pressure on an economy already suffering from a property debt crisis.

** China's new yuan loans likely slumped in October from September, a Reuters poll showed. ** That followed Wednesday's data showing China's factory gate inflation fell in October, the first monthly decline since 2020.

** Gloomy economic outlook offset optimism that China may relax COVID restrictions next spring. Such hopes triggered a strong rally in Chinese shares last week. ** Most sectors fell in China, with defence, tech and environment protection stocks leading the declines.

** In Hong Kong, tech stocks slumped 3.3%, while Chinese developers lost 0.7%.