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Hong Kong: Stocks fall amid sluggish regional markets, China concerns
[HONG KONG] Hong Kong shares fell in sympathy with regional markets on Tuesday, as weak Chinese manufacturing data stoked fresh worries about a hard landing for the world's second-largest economy.
The Hang Seng index fell 2.2 per cent, to 21,185.43, while the China Enterprises Index lost 3.0 per cent, to 9,454.11 points.
Activity in China's manufacturing sector contracted at its fastest pace in three years in August, an official survey showed on Tuesday, reinforcing fears of a sharper slowdown in the world's second-largest economy. A separate private survey on manufacturing was equally downbeat.
A weak Chinese economy also hurts Hong Kong.
Hong Kong retail sales fell for the fifth straight month in July, as a slowdown in tourist arrivals further battered sales of big-ticket items such as jewellery and watches, while a plunge in the stock market hurt consumer sentiment.
All major sectors, except for financial stocks, fell.