Hong Kong shares dip, China steady as data disappoints

HONG KONG: Hong Kong stocks opened lower on Tuesday while China shares were steady after data showed weak loan growth in October.

Hong Kong’s benchmark Hang Seng was down 0.5% at the market open.

China’s blue-chip CSI300 Index climbed 0.8% while the Shanghai Composite Index rose 0.3%.

Chinese banks extended 500 billion yuan ($69.5 billion) in new loans last month, falling sharply from September and trailing behind analysts’ expectations, according to data released after the close of market hours on Monday.

China, Hong Kong stocks fall on Beijing debt plan letdown

The weak outcome came on top of data showing the slowest consumer prices growth in four months in October and a deepening producer price deflation.

Sentiment has also remained largely downbeat after Beijing’s latest stimulus package failed to deliver the direct spending aimed at consumers that investors have been expecting.