Hong Kong shares drop nearly 2% on widening protests, trade talk uncertainty

Guangdong Investment

13/11/2019 08:43

SHANGHAI, Nov 13 (Reuters) - Hong Kong stocks dropped nearly
2% on Wednesday, led by declines in property shares, as protests
spread across the city. Risk appetite was also curbed by fears
that U.S.-China trade talks are not making progress.     
      
** The Hang Seng index  .HSI  fell 1.8% to end at 26,571.46,
while the China Enterprises Index  .HSCE  lost 1.6% to 10,519.12
points. The property sector  .HSNP  tumbled 2.5%.  
    
** Anti-government protesters paralysed parts of the Asian
financial hub for a third day, after the city's embattled
leader, Carrie Lam, said protesters trying to paralyse the city
were being "extremely selfish".  urn:newsml:reuters.com:*:nL4N27S01T

** Chinese state media condemned the violence, with the China
Daily newspaper stating that young protesters were revelling in
a "hormone-fuelled 'rebellion'".
    
** The market is also clouded by uncertainty around the
Sino-U.S. trade talks. U.S. President Donald Trump said a trade
deal was "close" but gave no new details on when or where an
agreement would be signed, disappointing investors in what was
billed as a major speech on his administration's economic
policies.
    
** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  dipped 1.9%, while the IT sector  .HSCIIT  dipped
0.82%, the financial sector  .HSNF  ended 1.88% lower and the
property sector dipped 2.52%.
 
** The top gainer on the Hang Seng was Sino Biopharmaceutical
Ltd  1177.HK , which gained 0.89%, while the biggest loser was
New World Development Co Ltd  0017.HK , which fell 4.91%.
 
** China's main Shanghai Composite index  .SSEC  closed down
0.33% at 2,905.24 points, while the blue-chip CSI300 index
 .CSI300  ended down 0.09%.
 
** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 1.06%, while Japan's Nikkei index
 .N225  closed down 0.85%.
 
** The yuan  CNY=CFXS  was quoted at 7.016 per U.S. dollar at
0828 GMT, 0.12% weaker than the previous close of 7.0073. 
 
** The top gainers among H-shares were China Resources Beer
Holdings Co Ltd  0291.HK  up 1.37%, followed by China Gas
Holdings Ltd  0384.HK , gaining 0.87% and Guangdong Investment
Ltd  0270.HK , up by %.
 
** The three biggest H-shares percentage decliners were Geely
Automobile Holdings Ltd  0175.HK , which was down 3.82%, China
Railway Group Ltd  0390.HK , which fell 2.92% and China Pacific
Insurance Group Co Ltd  2601.HK , down by 2.81%.

 (Reporting by the Shanghai Newsroom; Editing by Rashmi Aich)
 ((Samuel.shen@tr.com))