Hong Kong: Shares snap 7-day winning streak

[HONG KONG] Hong Kong's benchmark index dipped on Friday, snapping a seven-day winning streak, after Chinese gross domestic product data met forecasts.

The Hang Seng index fell 0.1 per cent, to 21,316.47, but for the week, the gauge jumped 4.6 per cent, the best weekly performance in nearly two months.

The China Enterprises Index, which tracks Hong Kong-listed Chinese companies, edged down 0.3 per cent, to 9,214.98 points.

China's economy grew an annual 6.7 per cent in the first quarter, the slowest pace since 2009, but there were signs of a nascent recovery in March as factory activity and household spending picked up.

Capital Economics said that recent data from China beat expectations across the board.

"In particular, the sharp pick-up in industrial production and investment leaves us hopeful that growth has now bottomed out for the time being, with looser monetary and fiscal policy likely to result in a cyclical upturn over the coming months," China Economist Julian Evans-Pritchard wrote.

Performance was mixed across sectors. Energy and resource shares corrected, but IT and consumer-related sectors firmed.

REUTERS