Shares in Hong Kong dropped 65 points or 0.3% to 25,884 in Friday morning trade, snapping a four-session advance amid losses in property and financial stocks. Investors turned cautious ahead of China’s official November PMI figures due over the weekend, after October data showed factory activity shrank for a seventh month, and the services sector remained subdued. Volatility concerns also persisted as the year-end neared. In the U.S., markets are set for a shortened session later today following Thursday’s break for Thanksgiving. Still, declines were partly limited by Beijing’s latest plan to boost consumption, including encouraging upgrades of consumer goods. Among the biggest early laggards were Innovent Biologics (-2.8%), Alibaba Health (-2.6%), China Overseas Land (-2.3%), and Swire Properties (-2.0%). For the month, the Hang Seng is on track to end on a quiet note ahead of China’s Central Economic Work Conference in December, despite logging a weekly gain of around 2.5% so far.
