Hong Kong stocks fell on Monday for a seventh session of losses, after the release of key indicators suggested China is seeing a slower-than-expected economic recovery.
Markets in Tokyo were shuttered for a holiday.
In Hong Kong, the Hang Seng Index plummeted 238.33 points, or 1%, to 24,356.99
Official Chinese data released Saturday showed the country’s industrial production increased 6.9% year-on-year in August. That compares with a 9% gain in the previous month and missed forecasts for an 8.7% rise in a poll from The Wall Street Journal. Growth in retail sales and fixed-asset investment also came in below expectations.
China Petroleum & Chemical Corp., or Sinopec, dropped 6.8% on its ex-dividend day. The loss came after the refining giant announced that its retail unit will sell 107 billion yuan ($17.3 billion U.S.) worth of shares, or a 30% stake.
The stake will go to 25 domestic and foreign investors, including blue chips such as China Life Insurance Co. and Tencent Holdings Ltd. China Life lost 2%, while online major Tencent rose 0.4%.
Oil producers Cnooc Ltd. and PetroChina Co. dropped 1.4% and 1% respectively, amid a fall in crude-oil futures
Stock in Fosun International Ltd., which also bought into the Sinopec offering, was down 0.2%. The company said Friday it and its consortium partners had made a counter-bid for Club Méditerranée SA amid a bidding war with Italian magnate Andrea Bonomi.
In other markets;
Shanghai’s CSI 300 index dropped 1.17 points, or 0.1%, to 2,437.19
In Korea, the Kospi index shed 6.04 points, or 0.3%, to 2,035.82
The Taiex index in Taiwan dropped 5.72 points, or 0.1%, to 9,217.46
In Singapore, the Straits Times STI Index slipped 33.08 points, or 1%, to 3,312.47
In New Zealand, the NZX 50 lost 13.11 points, or 0.3%, to 5,210.86
Australia’s S&P/ASX 200 ditched 57.69 points, or 1%, to 5,473.45
