The S&P Global Hong Kong SAR Purchasing Managers' Index (PMI) increased slightly to 50.1 in November from 48.9 in October, marking the highest figure since June and the end of four consecutive months of declines.

Any readings above 50 indicate an expansion, while those below 50 signify a contraction.

The survey showed that new orders from companies fell for the fifth consecutive month, but the rate of declines slowed down.

Profitability was under pressure, however, as companies remained cautious in increasing product prices, despite rising costs.

A slower pace of declines was also seen in new business from the mainland, while export sales recorded a fresh fall amid continued weakening demand.

Private sector firms expanded their workforces modestly in November, the survey found.