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Hong Kong stocks end week lower on Sino-U.S. tensions | AturartA

 

* HK->Shanghai Connect daily quota used 5.3%, Shanghai->HK daily quota used 2.1%

* HSI -2.2%, HSCE -1.5%, CSI300 +0.4%

* FTSE China A50 +0.4%

March 12 (Reuters) – Hong Kong stocks fell on Friday to post weekly losses, weighed down by weakness in tech firms on worries about the latest Sino-U.S. tensions.

** The Hang Seng index fell 2.2%, to 28,739.72, while the China Enterprises Index lost 1.5%, to 11,172.95 points.

** The United States on Thursday condemned Chinese moves to change Hong Kong’s electoral system and forecast “difficult” talks with Beijing’s top diplomats next week.

** China again warned the United States to stop interfering in its affairs, including Hong Kong, a foreign ministry spokesman said on Friday.

** Shares of Huawei suppliers retreated as the U.S. administration added new limits on those companies.

** The Hang Seng tech index, which is sensitive to the developments of Sino-U.S. relations, closed down 2.1%, having lost 23% from an all-time high hit just three weeks ago.

** Gaming giant Tencent Holdings fell 4.4% on Friday.

** Chinese Premier Li Keqiang defended the government’s target for more than 6% economic growth this year, saying it was “not low”, and policies would not be dramatically loosened to chase higher growth.

** A lower economic growth target gives China room to rein in frothiness in the market even as inflation fears grow, analysts said.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.29%, while Japan’s Nikkei index closed up 1.73%.

** The yuan was quoted at 6.505 per U.S. dollar at 08:24 GMT, 0.16% weaker than the previous close of 6.4945.

** At close, China’s A-shares were trading at a premium of 33.91% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom; Editing by Aditya Soni)

 

SOURCE : https://www.reuters.com/article/china-stocks-hongkong-close/hong-kong-stocks-end-week-lower-on-sino-u-s-tensions-idUSL4N2LA2E5