Hong Kong Stocks Start Week Flat; Alibaba Slides 3%

MT Newswires Live
19 May

Hong Kong stocks ended flat on Monday as caution ruled the market after data showed China's retail sales and industrial production slowed in April.

The Hang Seng Index closed little changed at 23,332.72. The Hang Seng China Enterprises Index ended fractionally lower at 8,460.55.

Retail sales in Asia's largest economy rose 5.1% year over year in April, moderating from 5.9% in March and missing a 5.5% growth estimate from a Reuters poll of analysts.

Meanwhile, China's industrial output climbed 6.1% in April, easing from the 7.7% increase in the previous month.

In addition, Moody's downgraded the US from Aaa to Aa1 on Friday, citing the administration's inability to curb rising debt, according to the South China Morning Post.

In corporate news, shares of Alibaba Group (HKG:9988) slid 3% after the US scrutinized a plan for the e-commerce giant to put its AI software on iPhones in China, the New York Times reported.

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