HONG Kong shares have fallen 0.85 per cent following another loss on Wall Street owing to concerns over the US economy and despite a slew of upbeat data out of China.
The benchmark Hang Seng Index fell 182.53 points to 21,384.38 on turnover of HK$57.67 billion ($A7.18 billion). The index has lost 3.3 per cent over the past week.
While President Barack Obama's re-election removed uncertainty, traders have now turned their focus to the deep spending cuts and huge tax hikes that will come into force on January 1 if Republicans and Democrats do not reach a deal.
The package is a major threat to the economy after a protracted but possibly reckless compromise was reached last year - with the expectation a less painful plan could be agreed - to raise the country's borrowing cap.
If the automatic measures kick in, the United States' slow recovery from the financial crisis could be reversed and the nation tip back into recession, dealing a blow to the global economy.
In China, official data showed industrial production rose 9.6 per cent in October from the same month last year, stronger than the 9.2 per cent logged in September.
Other data released by the government - including retail sales, fixed asset investment and the consumer price index - also improved in October compared with September.
The figures, which come as China holds its once-in-a-decade leadership transition, raised hopes that the world's No.2 economy is emerging from its slumber, which could have a positive effect on the global outlook.
But UOB KayHian analyst Fan Zhang said: "We hold our view that China's economy already bottomed out in the third quarter. But given uncertainties in western countries, we remain cautious for the pace of recovery."
Aluminium producer Chalco dropped 3.5 per cent to $HK3.30, while sourcing firm Li & Fung fell 3.4 per cent to $HK12.38, and Hong Kong carrier Cathay Pacific lost 2.0 per cent to $HK13.66.
Chow Tai Fook Jewellery tumbled 5.6 per cent to $HK10.18 after it warned it would likely post a drop in first-half profit.
Chinese shares closed down 0.12 per cent. The benchmark Shanghai Composite Index fell 2.44 points to 2,069.07 on turnover of 39.1 billion yuan ($A6.08 billion). The index dropped 2.27 per cent for the week.
"Although the data provided signs of a further recovery in the domestic economy, investors were still cautious as it might take some time to see a solid recovery," Haitong Securities analyst Zhang Qi told AFP.
Brokerages fell owing to the sluggish performance of the stock market.
Everbright Securities slid 2.72 per cent to 11.07 yuan, while Huatai Securities dropped 2.03 per cent to 8.67 yuan.
Oil firms fell, with Sinopec slipping 0.64 per cent to 6.26 yuan and PetroChina down 0.34 per cent to 8.69 yuan.
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