HK Shares Down On Strong Mainland Price Data

Local and most regional shares ended lower on Friday on concerns that a stronger-than-expected rise in prices in China could prompt authorities to act to cool inflation.

Beijing reported that consumer prices rose by 0.4 percent in March due largely to a jump in fuel prices. Producer prices, meanwhile, rose 4.4 percent from a year ago, the biggest increase in more than two years.

The Hang Seng Index opened higher but lost ground for much of the day. It closed down 309 points or 1 percent at 28,698.

Market turnover was HK$141 billion.

For the week, the local bourse was down 0.8 percent.

Tech shares struggled on Friday, with Alibaba, Xiaomi and Meituan each losing about 2 percent.

Mainland stocks also ended lower. The benchmark Shanghai Composite Index dipped 0.9 percent, while the blue chip CSI300 was 1.5 percent lower. The Shenzhen Composite Index lost nearly 1.3 percent.

Elsewhere in Asia, markets in Taipei, Singapore, Sydney and Seoul were all in the red.

However, Tokyo rebounded after falling the day before.