Hong Kong stocks fall as financial, consumer firms retreat

China Resources Beer Holdings

31/08/2020 09:44

* HK->Shanghai Connect daily quota used -4.5%, Shanghai->HK
daily
quota used 6.2%
    * HSI -1.0%, HSCE -1.9%, CSI300 -0.6%
    * FTSE China A50 -0.6%

    Aug 31 (Reuters) - Hong Kong stocks reversed earlier gains
to end lower on Monday, weighed down by financial and consumer
staples firms. 
    ** At the close of trade, the Hang Seng index  .HSI  was
down 245.01 points, or 0.96%, at 25,177.05. The Hang Seng China
Enterprises index  .HSCE  fell 1.88% to 9,991.48.
    ** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  rose 0.9%, while the IT sector  .HSCIIT  dipped 0.91%,
and the property sector slipped 0.67%.
    ** The top gainer on the Hang Seng was Geely Automobile
Holdings Ltd  0175.HK , which gained 4.07%, while the biggest
loser was China Unicom Hong Kong Ltd  0762.HK , which fell
4.02%.
    ** Heavyweight banking shares  .HSCIF  retreated, after
China's five largest state-owned banks reported their biggest
profit falls in at least a decade and an increase in soured
loans when announcing their half-year results on Sunday and last
week.  urn:newsml:reuters.com:*:nL4N2FW0UG 
    ** Industrial and Commercial Bank of China (ICBC)  1398.HK ,
the world's largest commercial lender by assets, fell 3.6%. 
    ** Consumer firms also dropped as investors booked profits
following a strong rally. 
    ** The Hang Seng consumer staples index  .HSCICS  closed
down 2.3%, after rising as much as 1.7% in early morning trade. 
    ** Bellwether Tsingtao Brewery Co Ltd  0168.HK  ended down
5%, after surging to an all-time high since listing in the city
in July 1993.  urn:newsml:reuters.com:*:nL4N2FX0RS  
    ** China's factory activity grew at a slower pace in August
as floods across southwestern China disrupted output, but the
services sector expanded at a solid rate in a boost to the
economy.  urn:newsml:reuters.com:*:nL4N2FX0O1
    ** But some analysts fear that the recovery could stall,
hurt by rising tensions between Washington and Beijing and on
possibility of another wave of local infections in the winter.  
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.4%, while Japan's Nikkei index
 .N225  closed up 1.12%.
    ** The yuan  CNY=CFXS  was quoted at 6.8548 per U.S. dollar
at 08:28 GMT, 0.14% firmer than the previous close of 6.8646. 

 (Reporting by the Shanghai Newsroom; Editing by Shailesh Kuber)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))