Hong Kong Stocks End 0.94% Lower

Hong Kong stocks lost 0.94 percent Thursday after US data showed the world’s number one economy grew much slower than expected in the first three months of the year.

The benchmark Hang Seng Index fell 267.34 points to 28,133.00. Turnover was HK$ 170.86 billion ($ 22.05 billion). Shanghai ended 0.78 percent lower. Markets in Hong Kong and the mainland will be closed Friday for a public holiday.

The losses pared huge gains for both markets in April, which saw Hong Kong pile on almost 13 percent since the end of March as mainland investors picked up relatively cheap assets after a year-long rally more than doubled Shanghai’s value.

In mainland China the benchmark Shanghai Composite Index fell 0.78 percent, or 34.97 points, to 4,441.65 on turnover of 774.3 billion yuan ($ 126.6 billion).

The Shenzhen Composite Index, which tracks stocks on China’s second exchange, rose 0.57 percent, or 12.79 points, to 2,267.77 on turnover of 546.8 billion yuan.

Source: AFP