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Hong Kong Stocks End Week in Red; Green Tea Tanks 13% in Debut
Friday, May 16, 2025       16:13 WIB

May 16, 2025, 16:07 GMT+7
(MT Newswires) - Hong Kong stocks extended losses to a second day on Friday as risk aversion continued to rule the local equities market following Alibaba's weaker-than-expected earnings.
The Hang Seng Index fell 0.46%, or 108.11 points, to close at 23,345.05. The Hang Seng China Enterprises index also slid 0.49%, or 41.38 points, to 8,468.29.
Alibaba Groupposted a fiscal fourth-quarter net income of 12.4 billion yuan, marking a 279% year-over-year increase.
Despite the strong growth, the figure fell short of analysts' expectations of 22.6 billion yuan.
In addition, the tech behemoth generated a quarterly revenue of 236.5 billion yuan, up 7% from the year-ago period, but came in below a Bloomberg consensus forecast of 237.9 billion yuan.
Shares of the e-commerce giant closed over 4% lower on Friday.
The financial results of Alibaba, China's biggest online retailer, are seen as a bellwether of consumer spending in one of the world's most populous countries.
Elsewhere, the US is contemplating the addition of more Chinese companies to its restricted export list, Reuters reported, citing a person familiar with the matter.
In other corporate news, Green Teamade a weak trading debut. The casual Chinese restaurant operator closed at HK$6.29, nearly 13% lower than its IPO price of HK$7.19.

Sumber : MT Newswires

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