Hong Kong stocks mark worst day in a week, Mainland shares ease on inflation data



(Updates closing prices)

SHANGHAI, Aug 10 (Reuters) - Hong Kong stocks fell on Wednesday by their most in a week, dragged down by the property sector, while mainland China equities eased as slower-than-expected inflation reignited market concerns over weak domestic demand.

** At the close, the Shanghai Composite index .SSEC eased 0.54% to 3,230.02, and the blue-chip CSI 300 index .CSI300 slipped 1.12% to 4,109.73.

** Financials .CSI300FS edged down 0.72%, the real estate index .CSI000952 lost 1.03%, and healthcare stocks .CSI300HC fell 1.77%.

** In Hong Kong, the benchmark Hang Seng Index .HSI tumbled 1.96% to 19,610.84 in its biggest daily drop since Aug.2, while Chinese H-shares listed in Hong Kong .HSCE fell 2.22%.

** The Hong Kong market tracked losses in global equities, as investors anxiously awaited U.S. inflation data, which could provide more clues on the Federal Reserve's trajectory of monetary policy tightening.

** The property sector was among the top losers after UBS downgraded major developers Country Garden 2007.HK , Longfor Group 0960.HK , as well as property management companies Country Garden Services 6098.HK and Jinke Smart Services 9666.HK , to "neutral" from "buy". An index tracking Chinese developers listed in Hong Kong .HSMPI fell 5.14%.

** China's July factory-gate inflation eased to a 17-month low, defying global cost pressures as slower domestic construction weighed on raw material demand, although consumer prices picked up pace, driven mostly by tight pork supplies.

** "The COVID outbreaks in many cities and the lack of further policy stimulus may have led to weaker growth in July," said Zhang Zhiwei, chief economist at Pinpoint Asset Management.

** The weaker demand as suggested by falling non-food prices in July from a month earlier weighed on the consumer sector, with an index tracking the performance of the sector .CSI000912 falling 1.68% by the close.

** The defence sector .CSI399973 outperformed the market with a 0.51% rise, underpinned by Sino-U.S. tensions over Taiwan.


Reporting by Shanghai Newsroom; Editing by Rashmi Aich and Subhranshu Sahu

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