April 16, 2018 / 8:39 AM / a year ago

Hong Kong stocks drop amid China growth concerns

* Hang Seng index ends down 1.6 pct China Enterprises index HSCE falls 2.1 pct HSI financial sector sub-index 1.9 pct lower; property sector down 2 pct

April 16 (Reuters) - Hong Kong shares dropped on Monday amid worries that slowing credit growth and tightening regulatory requirements in China will hurt the country’s economic growth later in the year.

** The Hang Seng index fell 1.6 percent, to 30,315.59, while the China Enterprises Index lost 2.1 percent, to 12,008.13. ** First-quarter GDP data on Tuesday is expected to show the economy carried most of its growth momentum from last year into early 2018, with analysts predicting an expansion of 6.7 percent on-year, only marginally softer than the 6.8 percent reported in the fourth quarter, according to a Reuters poll. **The sub-index of the Hang Seng tracking energy shares dipped 1.3 percent, while the IT sector dipped 1.1 percent, the financial sector was 1.88 percent lower and property sector dipped 2.02 percent . ** The top gainer on Hang Seng was BOC Hong Kong Holdings Ltd up 1.73 percent, while the biggest loser was China Shenhua Energy Co Ltd which was down 4.12 percent. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.57 percent, while Japan’s Nikkei index closed up 0.26 percent. ** The yuan was quoted at 6.2833 per U.S. dollar at 08:24 GMT, 0.1 percent weaker than the previous close of 6.2773. ** As of the previous trading session, the Hang Seng index was up 2.97 percent this year, while China’s H-share index was up 4.7 percent. As of the previous close, the Hang Seng has risen 2.38 percent this month. ** The top gainers among H-shares were Guangdong Investment Ltd up 2.81 percent, followed by CSPC Pharmaceutical Group Ltd gaining 0.48 percent and Air China Ltd up by 0.4 percent. ** The three biggest H-shares percentage decliners were Anhui Conch Cement Co Ltd which was down 5.06 percent, China Vanke Co Ltd which fell 4.3 percent and China Merchants Bank Co Ltd down by 4.3 percent. ** About 1.88 billion Hang Seng index shares were traded, roughly 100.8 percent of the market’s 30-day moving average of 1.87 billion shares a day. The volume traded in the previous trading session was 1.45 billion. ** At close, China’s A-shares were trading at a premium of 22.58 percent over the Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom)

0 : 0
  • narrow-browser-and-phone
  • medium-browser-and-portrait-tablet
  • landscape-tablet
  • medium-wide-browser
  • wide-browser-and-larger
  • medium-browser-and-landscape-tablet
  • medium-wide-browser-and-larger
  • above-phone
  • portrait-tablet-and-above
  • above-portrait-tablet
  • landscape-tablet-and-above
  • landscape-tablet-and-medium-wide-browser
  • portrait-tablet-and-below
  • landscape-tablet-and-below