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Hong Kong share market finished session lower on Wednesday, 31 May 2023, as risk aversion selloff triggered across the board, with financial, commerce & industry, and properties stocks leading retreat after China's weak factory activity figures offered the latest evidence that recovery in the world's second-biggest economy is faltering. Bearish factory activity data, on the heels of lacklusture consumption and industrial production figures, is further evidence China's post-reopening recovery is losing steam, heaping pressures on policymakers to shore up the patchy economic recovery. At closing bell, the benchmark Hang Seng Index was down 361.51 points, or 1.94%, to 18,234.27. The Hang Seng China Enterprises Index dropped 120.37 points, or 1.92%, to 6,163.34. The gauge has declined 19.6% from a January 27 high, just shy of the 20% threshold for bear-market status. Among blue chips, NetEase tumbled 4.9% to HK$132.60, food-delivery platform Meituan fell 5.3% to HK$110.20 and JD.com lost 3.2% to HK$125.90. Property developer Longfor slipped 3.7% to HK$15.06 while peer Country Garden retreated 3.4% to HK$1.44. China's big three oil giants - PetroChina, Sinopec and CNOOC - slumped by 3.1 to 5.4%. Powered by Capital Market - Live News
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