Hong Kong stocks post worst week in over three months after U.S. selloff

Want Want China Holdings

04/09/2020 09:54

* HK->Shanghai Connect daily quota used -3.9%, Shanghai->HK
daily
quota used 6.6%
    * HSI -1.3%, HSCE -0.6%, CSI300 -1.0%
    * FTSE China A50 -1.1%

    Sept 4 (Reuters) - Hong Kong stocks dropped on Friday,
following Wall Street's overnight selloff, and posted their
steepest weekly fall in more than three months. 
    ** At the close of trade, the Hang Seng index  .HIS  was
down 312.15 points or 1.25% at 24,695.45. The Hang Seng China
Enterprises index  .HSCE  fell 0.56% to 9,883.98.
    ** The sub-index of the Hang Seng tracking energy shares
 .HSCIE  dipped 0.3%, while the IT sector  .HSCIIT  dipped
2.03%, the financial sector  .HSNF  ended 0.93% lower and the
property sector fell 1.49%.
    ** The top percentage gainer on the Hang Seng was Want Want
China Holdings Ltd  0151.HK , up 2.58%, and the biggest decliner
was Galaxy Entertainment Group Ltd  0027.HK , down 4.78%.
    ** For the week, HIS retreated 2.9%, its worst week since
the week of May 22, while HSCE also declined 2.9% in its worst
week since July 17.  
    ** Wall Street's main indexes marked their deepest one-day
dives in months on Thursday as investors dumped the high-flying
technology sector, while economic data highlighted concerns
about a long and difficult recovery.  urn:newsml:reuters.com:*:nL1N2G01MX 
    ** The Hang Seng tech index  .HSTECH  fell 1.5% on Friday,
but has still gained 61% this year. 
    ** Index heavyweight Tencent  0700.HK  fell for a second
straight session, shedding 3%, after India banned its popular
videogame PUBG.  urn:newsml:reuters.com:*:nL4N2G02H4  
    ** "We suggest investors take a wait-and-see attitude toward
tech shares for the moment, as the profit-taking pressure could
not be ignored for Chinese and U.S. tech firms following their
robust gains this year," KGI Securities noted in report. 
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 0.72% and Japan's Nikkei index
 .N225  closed down 1.11%.
    ** The yuan  CNY=CFXS  was quoted at 6.8393 per U.S. dollar
at 0829 GMT, 0.11% higher than the previous close of 6.847. 
    ** At close, China's A-shares were trading at a premium of
41.81% over Hong Kong-listed H-shares.

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