Hong Kong shares ended 0.26% percent lower Wednesday, tracking losses in Shanghai, after China released data showing the mainland economy grew more than expected in the second quarter of the year.
The benchmark Hang Seng Index lost 65.15 points to 25055.76 on turnover of HK$ 104.63 billion (US$ 13.49 billion).
Shanghai tumbled 3.03 percent.
China’s National Bureau of Statistics revealed that the world’s number two economy grew 7.0 percent year on year in April-June, the same as the previous three months and better than the median forecast of 6.9 percent in an AFP survey of 14 economists.
The data follows a slew of disappointing results that have led to a series of measures — including four interest rate cuts since November — to shore up stumbling growth.
The losses in both markets are the second after they enjoyed a three-day rebound that came in the wake of Beijing’s moves to prevent a crash in Shanghai following a near-month long sell-off by mainland investors.
On Wednesday Shanghai’s benchmark composite index dropped 118.79 points to 3,805.70 on turnover of 700.5 billion yuan ($ 114.6 billion). The index fell as much as 4.67 percent in afternoon trading before trimming losses.
The Shenzhen Composite Index, which tracks stocks on China’s second exchange, slumped 4.22 percent, or 90.68 points, to 2,058.84 on turnover of 545.5 billion yuan.
The Shanghai index surged more than 150 percent in a year to hit a June 12 peak before plunging more than 30 percent as investors became spooked by factors including high valuations and stricter rules on margin trading.