Hong Kong stocks close at 8-week low as internet firms drag

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07/07/2021 09:56

* HK->Shanghai Connect daily quota used 3.6%, Shanghai->HK
daily
quota used 1.4%
    * HSI -0.4%, HSCE -1.2%, CSI300 +1.1%
    * China steps up supervision of overseas-listed firms 

    SHANGHAI, July 7 (Reuters) - Hong Kong shares ended lower
for the seventh straight session on Wednesday to their lowest
close in nearly two months, as internet firms led losses after
Beijing stepped up supervision of overseas-listed companies on
data security.
 
** At the close of trade, the Hang Seng index  .HIS  was down
112.24 points, or 0.4%, at 27,960.62, the lowest close since May
14. The Hang Seng China Enterprises index  .HSCE  fell 1.17% to
10,149.84.
 
** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  dipped 1.5%, while the IT sector  .HSCIIT  fell 1.56%.
The financial sector  .HSNF  ended 0.8% lower and the property
sector slipped 0.23%.
    
** Short video streamers Kuaishou Technology  1024.HK  fell
3.39% and Bilibili  9626.HK  lost 5.05%. Shares of Baidu
 9888.HK  and Alibaba  9988.HK  in Hong Kong fell 2.15% and
1.72%, respectively. 
    
** China will step up supervision of Chinese firms listed
offshore, days after Beijing launched a cybersecurity
investigation into ride-hailing giant Didi Global Inc  DIDI.N 
on the heels of its U.S. stock market listing.  urn:newsml:reuters.com:*:nL2N2OI0SQ
    
** Under the new measures, China will improve regulation of
cross-border data flows and security, its cabinet said on
Tuesday.                    
    
** The weakness also echoed to the global markets as investors
are nervous about riskier assets before the release of minutes
from the Federal Reserve's latest meeting to see if they confirm
a hawkish turn in U.S. monetary policy.  L5N2OJ1E3 
 
** China's main Shanghai Composite index  .SSEC  closed up 0.66%
at 3,553.72 points, while the blue-chip CSI300 index  .CSI300 
ended up 1.13%.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.18%, while Japan's Nikkei index
 .N225  closed down 0.96%.
 
** The yuan  CNY=CFXS  was quoted at 6.4652 per U.S. dollar at
08:21, 0.21% firmer than the previous close of 6.4788. 

 (Reporting by the Shanghai Newsroom; Editing by Shailesh Kuber)
 ((zoey.zhang@thomsonreuters.com))