Hong Kong stocks fell on Friday, dragged down by Chinese blue chips' disappointing earnings, while traders keenly await the Federal Reserve chair's speech for clues on the coming interest-rate cut.

The Hang Seng Index fell 0.4 per cent to 17,569.38 at local noon trading break, still on track for a third consecutive weekly gain. The Tech Index retreated 1.5 per cent while the Shanghai Composite Index gained 0.3 per cent.

The decline in Hong Kong follows the sell-off on Wall Street after top US policymakers cast doubts on the impending rate cut because of the recent mixed economic data. Fed chief Jerome Powell will deliver his remarks at the Jackson Hole symposium at 10am New York time on Friday, where he is likely to indicate his support for cutting interest rates ahead of next month's rate decision.

Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team.

Gaming firm NetEase slumped 12.9 per cent to HK$124.60, the biggest loser among the 82 blue-chip index members, after its second-quarter results missed consensus. Shipping giant Orient Overseas International tumbled 7.7 per cent to HK$106 after its interim earnings slumped 26 per cent year on year.

Tech stocks were generally weaker, with Chinese internet search giant Baidu shedding 5.4 per cent to HK$81.80 after reporting flat second-quarter revenue. Food delivery platform Meituan lost 1.6 per cent to HK$107.30.

Alibaba is upgrading its Hong Kong listing to primary status, a move that is expected to attract huge investments from mainland China. Photo: Shutterstock alt=Alibaba is upgrading its Hong Kong listing to primary status, a move that is expected to attract huge investments from mainland China. Photo: Shutterstock>

"In certain industries and individual stocks, the stock price fluctuations will be relatively large if there are unexpected developments in the financial report," said Jason Chan, senior investment strategist at Bank of East Asia. However, the overall Hong Kong stock index will not see a lot of volatility, mainly some ups and downs, he added.

The US economy is still relatively stable despite some data hiccups, he said, adding these factors will not necessarily hurt Hong Kong stocks, only short-term small adjustments.

Alibaba Group Holding rose 0.4 per cent to HK$81.95 after it announced it would convert into a dual-primary listing status on the Hong Kong stock exchange, opening the door to mainland Chinese investments.

Mainland developer Longfor dropped 0.8 per cent to HK$8.46 ahead of its interim results at noon, while Country Garden Services rose 0.2 per cent to HK$4.16 despite its first-half results came in weaker than the market's already-low expectations.

Trimming the losses, Ping An Insurance advanced 3.6 per cent to HK$35.55 after reporting its best half-yearly performance in four years. Pork producer WH Group gained 1.6 per cent to HK$5.60.

Elsewhere, Japan's Nikkei 225 Index rose 0.2 per cent, while South Korea's Kospi was little changed and Australia's S&P/ASX 200 retreated 0.1 per cent.

This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright ? 2024 South China Morning Post Publishers Ltd. All rights reserved.

Copyright (c) 2024. South China Morning Post Publishers Ltd. All rights reserved.