Hong Kong stocks close lower after China trade data

  • 6/7/2021
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* HK->Shanghai Connect daily quota used -0.1%, Shanghai->HK daily quota used 1.5% * HSI -0.5%, HSCE -0.5%, CSI300 -0.1% * FTSE China A50 -0.3% June 7 (Reuters) - Hong Kong stocks dipped on Monday, with gains for consumer firms offset by losses for financial and IT companies, as investors reacted to mixed China trade data. ** At the close of trade, the Hang Seng index was down 130.82 points or 0.45% at 28,787.28. The Hang Seng China Enterprises index fell 0.53% to 10,748.2. ** The sub-index of the Hang Seng tracking consumer staples rose 1.2%, the IT sector dipped 0.92%, while the financial sector ended 0.44% lower. ** The top gainer on the Hang Seng was WH Group Ltd , which gained 7.71%, while the biggest loser was Geely Automobile Holdings Ltd, which fell 5.17%. ** China’s imports grew at their fastest pace in 10 years in May, fuelled by surging commodity prices, while export growth missed expectations, likely weighed by disruptions caused by COVID-19 cases at major ports in the country’s south. ** Birth- and fertility-related stocks also retreated, after Moody’s said China’s new policy allowing couples to have up to three children was unlikely to dramatically change the national birthrate. ** It’s a good time to buy internet firms listed in Hong Kong, which have yet to recoup their lost ground amid anti-trust concerns, as those firms have solid growth potential, analysts at Ping An Securities noted in a report. ** The Hang Seng tech index eased 0.7% on Monday, still off 27% from a record high hit in mid-Feb. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.03%, while Japan’s Nikkei index closed up 0.27%. ** The yuan was quoted at 6.3947 per U.S. dollar at 08:20 GMT, 0% firmer than the previous close of 6.395. ** At the close, China’s A-shares were trading at a premium of 38.25% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom) Our Standards: The Thomson Reuters Trust Principles.

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