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April 15, 2015, 5:38 a.m. EDT

Hong Kong stock gains limited by weak China data

Shanghai shares fall, halting three-day winning streak

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By Laura He, MarketWatch


Shutterstock/Leungchopan
Hong Kong stocks edge higher on Wednesday, while most other Asian markets lose ground.

HONG KONG (MarketWatch) — Hong Kong stocks eked out gains on Wednesday, returning to the advance after snapping an eight-day win streak on Tuesday. But the gains were capped after data showed China’s economic growth declined to a six-year low in the first quarter.

The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -1.64%  recovered 0.2% to 27,618.82, after retreating on Tuesday from a seven-year high of 28,016.34. The mainland-China-tracking Hang Seng China Enterprises /zigman2/quotes/210598031/delayed CN:160462 -2.02%  rose 1.5%.

Official data released Wednesday showed China’s gross domestic product grew 7% in the first quarter — the slowest pace since 2009. Still, the figure matched forecasts in a Reuters survey and exceeded an estimated 6.9% increase in a Wall Street Journal poll. Meanwhile, industrial output and retail sales both recorded weaker-than-expected growth in March.

On the mainland itself, Shanghai markets halted a three-day run, with the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.83%  pulling back 1.2%.

Mainland Chinese banks posted broad-based gains, with Industrial & Commercial Bank of China Ltd.  /zigman2/quotes/201401473/delayed HK:1398 -1.62%   /zigman2/quotes/204265987/delayed IDCBF +3.34%   /zigman2/quotes/202525815/delayed CN:601398 -1.34%  jumping 4.9%, China Construction Bank Corp. /zigman2/quotes/208974133/delayed HK:939 -2.06%   /zigman2/quotes/209484779/delayed CICHF -0.62% /zigman2/quotes/208058581/delayed CN:601939 -1.23%   climbing 4.4%, Bank of Communications Co. /zigman2/quotes/203442771/delayed HK:3328 -1.72%   /zigman2/quotes/208048873/delayed BKFCF -1.69% /zigman2/quotes/207155262/delayed CN:601328 -1.85%   rising 4.3%, and Bank of China Ltd. /zigman2/quotes/204682472/delayed HK:3988 -0.71%   /zigman2/quotes/201568493/delayed BACHY -0.78%   /zigman2/quotes/209359942/delayed CN:601988 -0.54%  higher by 3.6%.

The biggest gainer, Alibaba Health Information Technology Ltd. /zigman2/quotes/205411947/delayed HK:241 -4.13%  , soared 80.8%, after parent Alibaba Group Holding Ltd. /zigman2/quotes/201948298/composite BABA -3.58%  said it would transfer its Tmall online-pharmacy business to Alibaba Health in exchange for $2.5 billion worth of shares and convertible debt. After the deal, Alibaba Group’s stake in the health-care company would be set to increase to more than 50%, making it a consolidated subsidiary.

On the downside, online major Tencent Holdings Ltd. /zigman2/quotes/204605823/delayed HK:700 -3.23%   /zigman2/quotes/207908563/delayed TCEHY -3.21%   extended previous losses to decline 2.2%. Fellow index heavyweight China Mobile Ltd. /zigman2/quotes/200868736/delayed HK:941 -1.72%   /zigman2/quotes/204514293/composite CHL -0.59%   also retreated, dropping 2.7%.

Other Asian markets were mostly weaker, with Japan’s Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK -0.87%  slipping 0.2% and the broader Topix /zigman2/quotes/210598092/delayed JP:180460 -0.50%  drifting 0.1% lower. The yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0280%  softened, with the greenback buying ¥119.56, compared with ¥119.40 late Tuesday in New York.

Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.61%  shed 0.6%, while South Korea’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 -0.11%  notched a 0.4% gain.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
25,350.20
-421.92 -1.64%
Volume: 1.85M
July 14, 2020 3:47p
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/zigman2/quotes/210598031/delayed
CN : Hong Kong Exchange
10,362.42
-213.46 -2.02%
Volume: 0.00
July 14, 2020 3:47p
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/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,414.62
-28.67 -0.83%
Volume: 54.32B
July 14, 2020 3:01p
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/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 4.87
-0.08 -1.62%
Volume: 140.64M
July 14, 2020 3:47p
P/E Ratio
4.91
Dividend Yield
5.90%
Market Cap
HK$1990.15 billion
Rev. per Employee
HK$3.03M
loading...
/zigman2/quotes/204265987/delayed
US : U.S.: OTC
$ 0.65
+0.02 +3.34%
Volume: 3,000
July 10, 2020 9:35a
P/E Ratio
5.12
Dividend Yield
N/A
Market Cap
$256.77 billion
Rev. per Employee
$387,287
loading...
/zigman2/quotes/202525815/delayed
CN : China: Shanghai
¥ 5.14
-0.07 -1.34%
Volume: 463.92M
July 14, 2020 3:00p
P/E Ratio
5.82
Dividend Yield
5.11%
Market Cap
¥1798.84 billion
Rev. per Employee
¥2.53M
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 6.18
-0.13 -2.06%
Volume: 225.67M
July 14, 2020 3:47p
P/E Ratio
5.08
Dividend Yield
5.66%
Market Cap
HK$1605.79 billion
Rev. per Employee
HK$3.31M
loading...
/zigman2/quotes/209484779/delayed
US : U.S.: OTC
$ 0.80
-0.0050 -0.62%
Volume: 15,449
July 13, 2020 3:23p
P/E Ratio
5.14
Dividend Yield
N/A
Market Cap
$207.18 billion
Rev. per Employee
$422,749
loading...
/zigman2/quotes/208058581/delayed
CN : China: Shanghai
¥ 6.42
-0.08 -1.23%
Volume: 170.02M
July 14, 2020 3:00p
P/E Ratio
5.93
Dividend Yield
4.98%
Market Cap
¥1451.43 billion
Rev. per Employee
¥2.76M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 4.57
-0.08 -1.72%
Volume: 24.37M
July 14, 2020 3:47p
P/E Ratio
3.89
Dividend Yield
7.55%
Market Cap
HK$399.92 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/208048873/delayed
US : U.S.: OTC
$ 0.58
-0.01 -1.69%
Volume: 0.00
June 22, 2020 12:37p
P/E Ratio
3.84
Dividend Yield
N/A
Market Cap
$50.08 billion
Rev. per Employee
$697,896
loading...
/zigman2/quotes/207155262/delayed
CN : China: Shanghai
¥ 5.03
-0.10 -1.85%
Volume: 276.49M
July 14, 2020 3:00p
P/E Ratio
4.83
Dividend Yield
6.26%
Market Cap
¥361.48 billion
Rev. per Employee
¥4.56M
loading...
/zigman2/quotes/204682472/delayed
HK : Hong Kong
HK$ 2.78
-0.02 -0.71%
Volume: 357.31M
July 14, 2020 3:47p
P/E Ratio
3.85
Dividend Yield
7.53%
Market Cap
HK$1090.67 billion
Rev. per Employee
HK$3.13M
loading...
/zigman2/quotes/201568493/delayed
US : U.S.: OTC
$ 8.93
-0.07 -0.78%
Volume: 49,261
July 13, 2020 3:51p
P/E Ratio
3.86
Dividend Yield
6.24%
Market Cap
$140.72 billion
Rev. per Employee
$399,878
loading...
/zigman2/quotes/209359942/delayed
CN : China: Shanghai
¥ 3.67
-0.02 -0.54%
Volume: 215.30M
July 14, 2020 3:00p
P/E Ratio
5.72
Dividend Yield
5.20%
Market Cap
¥985.83 billion
Rev. per Employee
¥2.61M
loading...
/zigman2/quotes/205411947/delayed
HK : Hong Kong
HK$ 20.90
-0.90 -4.13%
Volume: 33.13M
July 14, 2020 3:47p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
HK$287.39 billion
Rev. per Employee
HK$8.49M
loading...
/zigman2/quotes/201948298/composite
US : U.S.: NYSE
$ 251.67
-9.34 -3.58%
Volume: 21.57M
July 13, 2020 4:00p
P/E Ratio
31.28
Dividend Yield
N/A
Market Cap
$707.21 billion
Rev. per Employee
$781,259
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 523.50
-17.50 -3.23%
Volume: 23.21M
July 14, 2020 3:47p
P/E Ratio
47.14
Dividend Yield
0.23%
Market Cap
HK$5176.67 billion
Rev. per Employee
HK$8.27M
loading...
/zigman2/quotes/207908563/delayed
US : U.S.: OTC
$ 68.14
-2.26 -3.21%
Volume: 4.88M
July 13, 2020 4:00p
P/E Ratio
47.94
Dividend Yield
0.20%
Market Cap
$667.90 billion
Rev. per Employee
$1.05M
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 54.15
-0.95 -1.72%
Volume: 14.63M
July 14, 2020 3:47p
P/E Ratio
9.20
Dividend Yield
6.00%
Market Cap
HK$1124.10 billion
Rev. per Employee
HK$1.88M
loading...
/zigman2/quotes/204514293/composite
US : U.S.: NYSE
$ 35.49
-0.21 -0.59%
Volume: 2.17M
July 13, 2020 4:00p
P/E Ratio
9.45
Dividend Yield
5.29%
Market Cap
$145.03 billion
Rev. per Employee
$239,645
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
22,587.01
-197.73 -0.87%
Volume: 0.00
July 14, 2020 3:15p
loading...
/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,565.15
-7.87 -0.50%
Volume: 0.00
July 14, 2020 3:00p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
107.2590
-0.0300 -0.0280%
Volume: 0.0000
July 14, 2020 4:02a
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,941.10
-36.40 -0.61%
Volume: 652,785
July 14, 2020 5:01p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,183.61
-2.45 -0.11%
Volume: 799,676
July 14, 2020 3:32p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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