Hong Kong Stocks Tumble on New Year's First Trading Day After Weak China Data
• Hong Kong stocks dropped on first trading day of 2024 after weak China PMI and home sales data • Hang Seng Index fell 1.5%; tech index and Shanghai Composite also declined • Alibaba ordered to pay $140M to JD.com; both stocks fell • China developer sales tumbled 35% in December, accelerating November's 30% drop • Hong Kong stocks lost 14% in 2022 for 4th straight annual decline, wiping out $500B in value