Hong Kong stocks track mainland lower on policy tightening fears ahead of GDP data

  • 4/15/2021
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* HK->Shanghai Connect daily quota used 2.9%, Shanghai->HK daily quota used -0.7% * HSI -0.4%, HSCE -0.9%, CSI300 -0.6% * FTSE China A50 -1.1% April 15 (Reuters) - Hong Kong stocks slipped on Thursday, largely in line with losses on the mainland, as recent upbeat economic data raised worries over policy tightening. ** At the close of trade, the Hang Seng index was down 107.69 points or 0.37% at 28,793.14. The Hang Seng China Enterprises index fell 0.85% to 10,905.89. ** The energy sub-index rose 0.5%, while the IT sector dipped 1.07%. The financial sector ended 0.45% lower, while the property sector rose 0.42%. ** The top gainer on the Hang Seng was CK Asset Holdings Ltd , which gained 2.23%, while the biggest loser was Galaxy Entertainment Group Ltd, which fell 2.43%. ** Analysts and traders said China’s policy tightening had begun and more upbeat economic data would reinforce Beijing’s tightening bias. ** China’s economy likely grew at a record pace of 19% in the first quarter, rebounding from a pandemic slump early last year, a Reuters poll showed. ** A series of upbeat data released recently added to signs of a solidifying recovery in the world’s second-largest economy. ** Investors need to watch out for China’s GDP and other key economic data due Friday, which could have certain impact on the Hang Seng index, Guodu Hong Kong analysts noted in a report. ** China’s main Shanghai Composite index closed down 0.52% at 3,398.99 points, while the blue-chip CSI300 index ended down 0.64%. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.29%, while Japan’s Nikkei index closed up 0.07%. ** The yuan was quoted at 6.5338 per U.S. dollar at 08:19 GMT, 0.05% weaker than the previous close of 6.5305. ** At close, China’s A-shares were trading at a premium of 32.16% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom; Editing by Rashmi Aich)

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