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Friday, November 11, 2016, 15:31

Stocks fall to 3-month low on fears of weak GDP

By Reuters

SHANGHAI - Hong Kong stocks fell to 3-month lows on Friday as investors braced for data later in the day which is expected to show the city's economic growth slowed sharply in the third quarter.

The Hang Seng index ended 1.4 percent lower at 22,531.09 points, paring Thursday's gains and bringing its weekly loss to 0.5 percent.

The Hang Seng China Enterprises Index lost 1.2 percent to 9,433.37, and slid 0.6 percent on the week.

Some economists surveyed by Reuters expected that Hong Kong's growth likely slowed to just 0.3 percent in the third quarter from the second, with weak exports, sluggish retail sales and falling tourist arrivals continuing to take a toll.

Most stock market sectors fell, with information technology leading the decline.

But an index tracking material shares rose over 2 percent, in line with its mainland peers, as investors bet on sectors that may benefit from US President-elect Donald Trump's pledge to increase infrastructure spending.

The GDP data will be released at 0830 GMT after the market is closed.

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