HK stocks end lower on material, tech firms

Boc Hong Kong Holdings

04/03/2021 08:29

* HK->Shanghai Connect daily quota used -1.9%, Shanghai->HK
daily
quota used -0.3%
    * HSI -2.1%, HSCE -2.8%, CSI300 -3.2%
    * FTSE China A50 -3.1%

    BEIJING/SHANGHAI, March 4 (Reuters) - Hong Kong shares
dropped on Thursday, weighed down by losses in material and tech
stocks, as equities globally retreated on renewed doubts over
monetary support after another rise in U.S. Treasury yields. 
 
** At the close of trade, the Hang Seng index  .HSI  was down
643.63 points, or 2.15%, at 29,236.79. The Hang Seng China
Enterprises index  .HSCE  fell 2.92% to 11,325.58, reversing
course a day after its biggest one-day gain in six weeks.
 
** The sub-index of the Hang Seng tracking tech shares  .HSTECH 
dipped 5.8%, while the IT sector  .HSCIIT  dropped 5.3%, and the
material sector  .HSCIM  ended 6.4% lower.
 
** Global bond yields have risen in recent weeks, with markets
concerned that central bankers could tighten the monetary spigot
as the global economy rebounds from the damage caused by the
COVID-19 pandemic. That prospect hit world equities last week.
 
** The top gainer on the Hang Seng was BOC Hong Kong Holdings
Ltd  2388.HK , which gained 2.47%, while the biggest loser was
WuXi Biologics Inc  2269.HK , which fell 10.16%.
 
** China's main Shanghai Composite index  .SSEC  closed down
2.05% at 3,503.49 points, while the blue-chip CSI300 index
 .CSI300  ended down 3.15%, its worst daily performance in more
than seven months on sell-off of high valuation stocks.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 1.9%, while Japan's Nikkei index
 .N225  closed down 2.13%.
   

 (Reporting by Cheng Leng in Beijing and Andrew Galbraith in
Shanghai; Editing by Aditya Soni)
 ((cheng.leng@thomsonreuters.com; +8610-5669-2129))