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Hong Kong: Stocks end up, shrug off disappointing China data
[HONG KONG] Hong Kong shares steadied on Monday, as gains in most Asian markets offset disappointing Chinese data that raised concerns over the sustainability of the country's economic recovery.
The Hang Seng index rose 0.8 per cent, to 19,883.95, while the China Enterprises Index gained 0.1 per cent, to 8,312.61 points.
The market has dropped for three weeks in a row on fears that a recent pick-up in China's economic activity may be fizzling out.
Although data released over the weekend showed that China's investment, factory output and retail sales all grew more slowly than expected in April, the market had already priced in much of the bad news.
Most sectors rose, with the IT sector leading the rise, up 2.6 per cent.