SHANGHAI, March 27 — China and Hong Kong stocks fell today, led by Chinese state-owned enterprises and tech shares, as China's industrial profit slump and geopolitical tensions dented sentiment.** Hong Kong's benchmark Hang Seng Index was down 1.8%, and the China Enterprises Index lost 2.2%.
** A senior Communist Party official said on Saturday the foundation of China's economic recovery was not solid enough, warning of possible spillover effects from global economic problems. ** Shares of Chinese state-owned enterprises dropped, giving up some of this month's gains. Shares of China Petroleum & Chemical Corp lost 3.1% after the company recorded a 6.9% decline in 2022 net income. Meanwhile, PetroChina Co Ltd slid 1.1%.
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