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HK stocks fall as coronavirus concerns outweigh China recovery hopes

Sept 29 (Reuters) - Hong Kong stocks fell on Tuesday as growing concerns over the coronavirus pandemic outweighed China recovery optimism.

** The Hang Seng index fell 0.9% to 23,275.53, while the China Enterprises Index dropped 1.1% to 9,281.52 points.

** The market rose in early trading on China recovery hopes. China’s factory activity likely expanded at a slightly faster pace in September, a Reuters poll showed.

** But stocks erased gains as investors weighed China growth optimism against pandemic threats. Compared with mainland China, Hong Kong is more open, thus more vulnerable to global resurgence.

** Global coronavirus deaths surpassed the 1-million mark as the pace of fatalities pick up and infections again surge in several countries.

** Index heavyweight HSBC Holdings was also a drag, dropping 2.6% after Monday’s 9.2% surge.

** Untility, finance and consumer sectors were among the worst performers. ** Investors remain cautious as the U.S. Presidential election nears, and as lawmakers continue efforts to cobble together additional economic stimulus. (Reporting by the Shanghai Newsroom)

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