Shares in Hong Kong plunged 412 points, or 1.5%, to 27,545 in early Friday trade, snapping a seven-session winning streak amid widespread losses across sectors. Traders booked profits after markets hit a 4-1/2-year high in the prior session, while caution mounted ahead of China’s official January PMI data due over the weekend. Sentiment was also pressured by a sharp drop in U.S. stock futures, following a mostly lower close on Wall Street overnight after Apple warned of margin headwinds. Zijin Gold Intl. (-6.9%) and Zhaojin Mining (-4.1%) plunged amid a retreat in metals, while Kuaishou Tech. slipped 2.9%. Still, Hong Kong equities stay on track for a third straight weekly gain and are poised to log their first monthly rise in four, up near 8% so far. These were lifted by signs of stabilization in the city’s property market. In China, authorities reportedly scrapped requirements for builders to submit monthly data linked to debt ratio caps, easing financing constraints imposed in 2020.
