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

By anaafrica On Sep 4, 2020

Sept 4- Hong Kong stocks dropped on Friday, following Wall Street’s overnight selloff, and posted their steepest weekly fall in more than three months. **The top percentage gainer on the Hang Seng was Want Want China Holdings Ltd, up 2.58%, and the biggest decliner was Galaxy Entertainment Group Ltd, down 4.78%. **Wall Street’s main indexes marked their deepest…

* 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 theirsteepest weekly fall in more than three months.

** At the close of trade, the Hang Seng index wasdown 312.15 points or 1.25% at 24,695.45. The Hang Seng ChinaEnterprises index fell 0.56% to 9,883.98.

** The sub-index of the Hang Seng tracking energy sharesdipped 0.3%, while the IT sector dipped2.03%, the financial sector ended 0.93% lower and theproperty sector fell 1.49%.

** The top percentage gainer on the Hang Seng was Want WantChina Holdings Ltd, up 2.58%, and the biggest declinerwas Galaxy Entertainment Group Ltd, down 4.78%.

** For the week, HIS retreated 2.9%, its worst week sincethe week of May 22, while HSCE also declined 2.9% in its worstweek since July 17.

** Wall Street’s main indexes marked their deepest one-daydives in months on Thursday as investors dumped the high-flyingtechnology sector, while economic data highlighted concernsabout a long and difficult recovery.

** The Hang Seng tech index fell 1.5% on Friday,but has still gained 61% this year.

** Index heavyweight Tencent fell for a secondstraight session, shedding 3%, after India banned its popularvideogame PUBG.

** “We suggest investors take a wait-and-see attitude towardtech shares for the moment, as the profit-taking pressure couldnot be ignored for Chinese and U.S. tech firms following theirrobust gains this year,” KGI Securities noted in report.

** Around the region, MSCI’s Asia ex-Japan stock indexwas weaker by 0.72% and Japan’s Nikkei indexclosed down 1.11%.

** The yuan was quoted at 6.8393 per U.S. dollarat 0829 GMT, 0.11% higher than the previous close of 6.847.

** At close, China’s A-shares were trading at a premium of41.81% over Hong Kong-listed H-shares.(Reporting by the Shanghai Newsroom; Editing by Amy CarenDaniel)