Hong Kong stocks jump after China economic data points to stabilisation

The Hang Seng Index added 0.4 per cent to 17,174.18 as of 10.15am local time, after losing as much as 1.1 per cent earlier in the trading session. The Tech Index was little changed, while the Shanghai Composite Index added 0.4 per cent.

Fresh housing data released on Thursday showed the property downturn might have slowed. New home prices declined 0.7 per cent in July, the 14th month of decline but a slower drop than the previous month.

Retail sales rebounded slightly to register 2.7 per cent growth last month, following a sharp decline to 2 per cent in June from 3.7 per cent in May. Industrial production grew 5.1 per cent during the same period, compared with the 5.3 per cent growth in June. Both readings are largely in line with expectations.

Limiting gains, Tencent lost 1.3 per cent to HK$369.40 as investors shift focus to slow fintech revenue growth despite an 82 per cent surge in profit last quarter. E-commerce firm Alibaba Group Holding weakened 1.3 per cent to HK$77.25 and peer JD.com lost 0.8 per cent to HK$100 ahead of earnings cards due later today.

Other Asian markets were mostly higher after soft US inflation data. Australia’s S&P/ASX 200 Index climbed 0.3 per cent, Japan’s Nikkei 225 gained 0.6 per cent and South Korea’s Kospi Index added 0.9 per cent.