The Hong Kong stock market closed lower. The Hang Seng Index fell by 1.43%, the Hang Seng Tech Index declined by 2.37%.

DeepeXi Tech up 15%; 3SBIO up 11%; Hua Hong Semi down 7%; Ganfeng Lithium, SMIC, GDS down 5%; Sany Heavy, Tianqi Lithium and Alibaba down 4%; Tencent, BYD Company and Pop Mart down over 3%.

With the dust settling on China-US tensions, investors turned back their attention to the fundamentals. The outcome of a sit-down between Chinese President Xi Jinping and his US counterpart Donald Trump on Thursday largely came in line with expectations, with the earlier stock gains having already priced in the detente.

The official manufacturing purchasing managers’ index stood at 49 in October, down from 49.8 the previous month, the National Bureau of Statistics said on Friday. A reading below 50 indicates shrinkage. It marked the seventh straight month that the gauge breached 50.

“The economic momentum has weakened since the middle of the year,” said Zhang Zhiwei, chief economist at Pinpoint Asset Management in Hong Kong. “The property sector slowdown continues to put pressure on domestic demand. I expect fiscal policy will become more proactive in the first quarter next year.”