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The Hang Seng Index fell 0.1 per cent to 16,637.83 as of 10am local time, on course for a 2.6 per cent decline for the curtailed four-day trading week. The Hang Seng Tech Index dropped 0.4 per cent, while the Shanghai Composite Index added 0.2 per cent.
Alibaba Group Holding slid 2.4 per cent to HK$72.25 and Tencent Holdings lost 1.3 per cent to HK$294.80. China Resources Beer declined 3.1 per cent to HK$30.95 and personal computer maker Lenovo Group shed 2.2 per cent to HK$10.46.
The latest US jobs data poured cold water on imminent and aggressive cuts in interest rates, as jobless claims were lower than expected in December and companies increased hiring. Earlier, the minutes from the Federal Reserve indicated interest rate cuts would not be as fast as expected.
Meanwhile, an official report showed China’s manufacturing industry contracted for a third straight month in December.
The slump in the Hang Seng Index extends a 14 per cent plunge last year, an unprecedented fourth straight annual decline.
Two companies made their trading debuts. RoboSense Technology, which makes laser radars, dropped 2.9 per cent to HK$41.75 in Hong Kong. Auto accessory maker Zhejiang Jiezhong Science and Technology jumped 146 per cent to 23.01 yuan in Beijing.
Other major Asian markets were mixed. Japan’s Nikkei 225 climbed 0.4 per cent and Australia’s S&P/ASX 200 added 0.1 per cent, while South Korea’s Kospi retreated 0.1 per cent.
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