Hong Kong stocks give up gains, profit-booking weighs on healthcare

Hengan International

08/06/2020 10:29

* HK->Shanghai Connect daily quota used 4.1%, Shanghai->HK
daily
quota used 0.5%
    * HSI +0.0%, HSCE -0.6%, CSI300 +0.5%
    * FTSE China A50 +0.8%

    SHANGHAI, June 8 (Reuters) - Hong Kong stocks erased all
gains to end flat on Monday, as losses in healthcare stocks
countered strength in materials firms. 
    ** The Hang Seng index  .HSI  closed up 6.36 points or 0.03%
at 24,776.77, while the Hang Seng China Enterprises index
 .HSCE  fell 0.57% to 10,008.88. 
    ** The HSI had gained as much as 1% in early morning trade. 
    ** A sub-index of the Hang Seng that tracks energy shares
 .HSCIE  rose 1.4%, while the IT sector  .HSCIIT  dipped 0.92%,
the financial sector  .HSNF  ended 0.21% higher and the property
sector rose 0.4%.
    ** The top gainer on the Hang Seng was Hang Seng Bank Ltd
 0011.HK , which gained 3.41%, while the biggest loser was
Hengan International Group Company Ltd  1044.HK , which fell
3.43%. 
    ** The Hang Seng materials index  .HSCIM  rose 2.2%, as
investors expected further stimulus to underpin China's economy
following weak trade data over the weekend.
    ** China's exports contracted in May as global coronavirus
lockdowns continued to devastate demand, while a
sharper-than-expected fall in imports pointed to mounting
pressure on manufacturers as global growth stalls.  urn:newsml:reuters.com:*:nL4N2DK0KQ 
    ** The Hang Seng healthcare index  .HSCIH  shed 1.8%, as
investors booked profits following a 7.6% gain the previous
week. 
    ** Gains were also checked as worries over Beijing's Hong
Kong legislation persisted. 
    ** Banks including HSBC, Standard Chartered and Citigroup
have seen a spike in enquiries from Hong Kong residents about
opening offshore accounts amid concerns stemming from China's
decision to impose a national security law on the city.
 urn:newsml:reuters.com:*:nL4N2DK0BN 
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.34%, while Japan's Nikkei index
 .N225  closed up 1.37%.
    ** The yuan  CNY=CFXS  was quoted at 7.0736 per U.S. dollar
at 0848 GMT, 0.11% firmer than the previous close of 7.0812. 
    ** At close, China's A-shares were trading at a premium of
25.92% over Hong Kong-listed H-shares.

 (Reporting by the Shanghai Newsroom; editing by Uttaresh.V)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))