HK stocks end lower as resources slump on Beijing crackdown

  • 5/20/2021
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* HK->Shanghai Connect daily quota used -0.4%, Shanghai->HK daily quota used 4.1% * HSI -0.5%, HSCE -0.1%, CSI300 +0.3% * FTSE China A50 +0.4% May 20 (Reuters) - Hong Kong stocks finished lower on Thursday, as resources firms retreated after Beijing pledged to regulate commodity markets. ** At the close of trade, the Hang Seng index was down 143.52 points, or 0.5%, at 28,450.29. The Hang Seng China Enterprises index fell 0.11% to 10,642.8. ** Leading the losses, the Hang Seng energy index and the Hang Seng materials index slumped 4.2% and 3.9%, respectively. ** The top gainer on the Hang Seng was Meituan, which gained 5.08%, while the biggest loser was PetroChina Co Ltd, which fell 4.56%. ** China will strengthen its management from both supply and demand sides to curb “unreasonable” increases in commodity prices, and prevent the pass-through to the consumer, the cabinet said on Wednesday. ** The comments drove prices of commodities including steel and iron ore to extend losses on Thursday, after surging earlier this year on the back of post-lockdown recoveries in demand and easing liquidity globally. ** Digital currency and blockchain-related stocks also pulled back after a cryptocurrency slump. ** However, analysts saw a very limited impact on the broader market from the cryptocurrency fallout. ** Bucking the market weakness, mainland investors continued their buying, purchasing a net 6.5 billion yuan ($1.01 billion) worth of Hong Kong shares on Thursday, according to Refinitiv data. ** Shares of China’s e-commerce co JD.com Inc rose as much as 4.1% to HK$281.80, their highest since May 12 as first-quarter revenue topped estimates. ** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.07%, while Japan’s Nikkei index closed up 0.19%. ** The yuan was quoted at 6.4349 per U.S. dollar at 0812 GMT, 0.02% weaker than the previous close of 6.4338. ** At close, China’s A-shares were trading at a premium of 37.88% over Hong Kong-listed H-shares. $1 = 6.4352 Chinese yuan Reporting by the Shanghai Newsroom, Editing by Sherry Jacob-Phillips Our Standards: The Thomson Reuters Trust Principles.

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