China, Hong Kong stocks drop as economic growth data disappoints

Credit: REUTERS/TYRONE SIU

SHANGHAI, Jan 17 (Reuters) - China stocks hovered around five-year lows and Hong Kong shares tumbled to their weakest in 14 months, as China's disappointing fourth-quarter growth data deepened worries about the world's second largest economy.

China's blue-chip CSI300 Index .CSI300 dipped more than 1% in early morning trade on Wednesday, hovering near the lowest level since early 2019. The Shanghai Composite Index .SSEC was roughly 0.8% lower.

Hong Kong's Hang Seng Index .HSI slumped nearly 3% to hit the lowest level since November 2022, led by property .HSMPI and tech shares .HSTECH.

China's economy grew 5.2% in the fourth quarter from a year earlier, official data showed, missing analysts' expectations.

Compounding investor anxiety, China's December fell at the fastest pace since February 2015, marking the sixth straight month of declines, official data showed.

(Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)

((samuel.shen@tr.com))

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