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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 -2.63%  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 -2.94%  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 -3.71%  pulling back 1.2%.

Mainland Chinese banks posted broad-based gains, with Industrial & Commercial Bank of China Ltd.  /zigman2/quotes/201401473/delayed HK:1398 -2.20%   /zigman2/quotes/204265987/delayed IDCBF -0.17%   /zigman2/quotes/202525815/delayed CN:601398 -1.85%  jumping 4.9%, China Construction Bank Corp. /zigman2/quotes/208974133/delayed HK:939 -1.40%   /zigman2/quotes/209484779/delayed CICHF +3.77% /zigman2/quotes/208058581/delayed CN:601939 -2.55%   climbing 4.4%, Bank of Communications Co. /zigman2/quotes/203442771/delayed HK:3328 -2.34%   /zigman2/quotes/208048873/delayed BKFCF -10.96% /zigman2/quotes/207155262/delayed CN:601328 -2.07%   rising 4.3%, and Bank of China Ltd. /zigman2/quotes/204682472/delayed HK:3988 -2.22%   /zigman2/quotes/201568493/delayed BACHY +0.30%   /zigman2/quotes/209359942/delayed CN:601988 -1.93%  higher by 3.6%.

The biggest gainer, Alibaba Health Information Technology Ltd. /zigman2/quotes/205411947/delayed HK:241 -5.45%  , soared 80.8%, after parent Alibaba Group Holding Ltd. /zigman2/quotes/201948298/composite BABA -1.78%  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 -3.06%   /zigman2/quotes/207908563/delayed TCEHY -2.37%   extended previous losses to decline 2.2%. Fellow index heavyweight China Mobile Ltd. /zigman2/quotes/200868736/delayed HK:941 -3.86%   /zigman2/quotes/204514293/composite CHL -1.86%   also retreated, dropping 2.7%.

Other Asian markets were mostly weaker, with Japan’s Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK -3.67%  slipping 0.2% and the broader Topix /zigman2/quotes/210598092/delayed JP:180460 -3.65%  drifting 0.1% lower. The yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.5001%  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 -3.25%  shed 0.6%, while South Korea’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 -3.30%  notched a 0.4% gain.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
26,075.46
-703.16 -2.63%
Volume: 2.09M
Feb. 28, 2020 3:13p
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/zigman2/quotes/210598031/delayed
CN : Hong Kong Exchange
10,281.64
-311.47 -2.94%
Volume: 0.00
Feb. 28, 2020 3:13p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
2,880.30
-111.03 -3.71%
Volume: 40.12B
Feb. 28, 2020 3:01p
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/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 5.34
-0.12 -2.20%
Volume: 241.87M
Feb. 28, 2020 3:12p
P/E Ratio
5.39
Dividend Yield
5.33%
Market Cap
HK$1903.21 billion
Rev. per Employee
HK$3.03M
loading...
/zigman2/quotes/204265987/delayed
US : U.S.: OTC
$ 0.68
-0.0012 -0.17%
Volume: 16,730
Feb. 27, 2020 12:25p
P/E Ratio
5.40
Dividend Yield
N/A
Market Cap
$243.53 billion
Rev. per Employee
$387,287
loading...
/zigman2/quotes/202525815/delayed
CN : China: Shanghai
¥ 5.30
-0.10 -1.85%
Volume: 422.94M
Feb. 28, 2020 3:00p
P/E Ratio
6.10
Dividend Yield
4.73%
Market Cap
¥1928.16 billion
Rev. per Employee
¥2.53M
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 6.35
-0.09 -1.40%
Volume: 409.45M
Feb. 28, 2020 3:13p
P/E Ratio
5.32
Dividend Yield
5.50%
Market Cap
HK$1610.07 billion
Rev. per Employee
HK$3.31M
loading...
/zigman2/quotes/209484779/delayed
US : U.S.: OTC
$ 0.83
+0.03 +3.77%
Volume: 119,900
Feb. 27, 2020 3:46p
P/E Ratio
5.33
Dividend Yield
N/A
Market Cap
$206.26 billion
Rev. per Employee
$422,749
loading...
/zigman2/quotes/208058581/delayed
CN : China: Shanghai
¥ 6.50
-0.17 -2.55%
Volume: 127.95M
Feb. 28, 2020 3:00p
P/E Ratio
6.11
Dividend Yield
4.71%
Market Cap
¥1662.57 billion
Rev. per Employee
¥2.76M
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 5.01
-0.12 -2.34%
Volume: 26.07M
Feb. 28, 2020 3:13p
P/E Ratio
4.26
Dividend Yield
6.80%
Market Cap
HK$376.51 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/208048873/delayed
US : U.S.: OTC
$ 0.65
-0.08 -10.96%
Volume: 0.00
Feb. 20, 2020 5:20p
P/E Ratio
4.33
Dividend Yield
N/A
Market Cap
$48.27 billion
Rev. per Employee
$697,896
loading...
/zigman2/quotes/207155262/delayed
CN : China: Shanghai
¥ 5.20
-0.11 -2.07%
Volume: 104.05M
Feb. 28, 2020 3:00p
P/E Ratio
5.05
Dividend Yield
5.77%
Market Cap
¥394.34 billion
Rev. per Employee
¥4.56M
loading...
/zigman2/quotes/204682472/delayed
HK : Hong Kong
HK$ 3.09
-0.07 -2.22%
Volume: 274.37M
Feb. 28, 2020 3:13p
P/E Ratio
4.34
Dividend Yield
6.82%
Market Cap
HK$930.20 billion
Rev. per Employee
HK$3.13M
loading...
/zigman2/quotes/201568493/delayed
US : U.S.: OTC
$ 9.98
+0.03 +0.30%
Volume: 68,910
Feb. 27, 2020 3:49p
P/E Ratio
4.48
Dividend Yield
5.57%
Market Cap
$33.90 billion
Rev. per Employee
$399,878
loading...
/zigman2/quotes/209359942/delayed
CN : China: Shanghai
¥ 3.55
-0.07 -1.93%
Volume: 114.98M
Feb. 28, 2020 3:00p
P/E Ratio
5.61
Dividend Yield
5.18%
Market Cap
¥1059.73 billion
Rev. per Employee
¥2.61M
loading...
/zigman2/quotes/205411947/delayed
HK : Hong Kong
HK$ 14.56
-0.84 -5.45%
Volume: 35.24M
Feb. 28, 2020 3:13p
P/E Ratio
145,600
Dividend Yield
N/A
Market Cap
HK$185.84 billion
Rev. per Employee
HK$8.49M
loading...
/zigman2/quotes/201948298/composite
US : U.S.: NYSE
$ 205.03
-3.71 -1.78%
Volume: 22.74M
Feb. 27, 2020 6:30p
P/E Ratio
24.43
Dividend Yield
N/A
Market Cap
$550.04 billion
Rev. per Employee
$781,259
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 387.00
-12.20 -3.06%
Volume: 21.40M
Feb. 28, 2020 3:13p
P/E Ratio
37.72
Dividend Yield
0.26%
Market Cap
HK$3783.08 billion
Rev. per Employee
HK$8.27M
loading...
/zigman2/quotes/207908563/delayed
US : U.S.: OTC
$ 49.84
-1.21 -2.37%
Volume: 8.51M
Feb. 27, 2020 3:59p
P/E Ratio
38.08
Dividend Yield
0.23%
Market Cap
$485.36 billion
Rev. per Employee
$1.05M
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 60.95
-2.45 -3.86%
Volume: 20.35M
Feb. 28, 2020 3:13p
P/E Ratio
10.04
Dividend Yield
4.79%
Market Cap
HK$1292.00 billion
Rev. per Employee
HK$1.88M
loading...
/zigman2/quotes/204514293/composite
US : U.S.: NYSE
$ 40.08
-0.76 -1.86%
Volume: 1.59M
Feb. 27, 2020 6:30p
P/E Ratio
10.35
Dividend Yield
4.19%
Market Cap
$164.13 billion
Rev. per Employee
$239,645
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
21,142.96
-805.27 -3.67%
Volume: 0.00
Feb. 28, 2020 3:15p
loading...
/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,510.87
-57.19 -3.65%
Volume: 0.00
Feb. 28, 2020 3:00p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
109.0390
-0.5480 -0.5001%
Volume: 0.0000
Feb. 28, 2020 2:28a
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,441.20
-216.70 -3.25%
Volume: 1.52M
Feb. 28, 2020 5:29p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
1,987.01
-67.88 -3.30%
Volume: 660,093
Feb. 28, 2020 3:33p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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