Hong Kong stocks end week lower as tech shares retreat on Sino-West tensions

Wharf Real Estate Investment

07/05/2021 09:34

* HK->Shanghai Connect daily quota used -0.2%, Shanghai->HK
daily
quota used 1.2%
    * HSI -0.1%, HSCE -0.5%, CSI300 -1.3%
    * FTSE China A50 -1.0%

    May 7 (Reuters) - Hong Kong stocks slipped on Friday to post
weekly losses, weighed down by tech firms sensitive to tensions
between China and the West. 
    ** At the close of trade, the Hang Seng index  .HSI  was
down 26.81 points or 0.09% at 28,610.65. The Hang Seng China
Enterprises index  .HSCE  fell 0.53% to 10,699. 
    ** For the week, HSI slipped 0.4%, while HSCE was down 1.2%.
 
    ** The Hang Seng tech index  .HSTECH  fell 2.2% on Friday,
having retreated 4.3% for the week, amid tensions between
Beijing and the West.  urn:newsml:reuters.com:*:nL1N2MS0JC  urn:newsml:reuters.com:*:nL1N2MT048  
    ** China has approved domestic fund managers' first
exchange-traded funds (ETFs) based on Hong Kong's Hang Seng TECH
Index, state media said, giving Chinese investors increased
access to such big-name stocks as Alibaba and Tencent.
 urn:newsml:reuters.com:*:nL1N2MU01S 
    ** Historical data shows there are marked "calendar effects"
in the Hong Kong stock market which could face some pressure in
May, when the A-share market and the U.S. stocks also tend to be
weak, Everbright Securities analysts said in a note. 
    ** The brokerage, however, expects southbound flows from
mainland investors and foreign inflows to continue in May,
thanks to low stock valuations in the city, helping support the
market. 
    ** On the other hand, there was muted reaction to latest
data and survey pointing to China's solid economic recovery. 
    ** China extended its impressive trade performance in April,
with exports unexpectedly accelerating and import growth hitting
a decade high, in a boost to the world's second-largest economy.
 urn:newsml:reuters.com:*:nL1N2MU04N 
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was firmer by 0.32%, while Japan's Nikkei index
 .N225  ended up 0.09%.
    ** The yuan  CNY=CFXS  was quoted at 6.4608 per U.S. dollar
at 08:08 GMT, 0.04% firmer than the previous close of 6.4631. 
    ** At close, China's A-shares were trading at a premium of
34.87% over Hong Kong-listed H-shares.

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