Financial Services

Hong Kong stocks end lower as Turkish rout spreads

* Hang Seng index closes 1.5 percent weaker

* China Enterprises index HSCE falls 1.6 percent

* HSI financial sector sub-index is 1.2 percent lower; property sector down 1.5 percent

SHANGHAI, Aug 13 (Reuters) – Hong Kong stocks ended lower on Monday, tracking losses in other Asian markets, as the rout in Turkish lira sent shock waves across emerging markets.

** The Hang Seng index ended 1.5 percent down at 27,936.57 points, while the China Enterprises Index closed 1.6 percent lower at 10,766.51 points. ** Turkey’s lira pulled back from an overnight record low of 7.24 to the dollar on Monday after the central bank pledged to provide liquidity and cut lira and foreign currency reserve requirements for Turkish banks. ** The currency has tumbled on worries over Turkish President Tayyip Erdogan’s increasing control over the economy and deteriorating relations with the United States. ** The sub-index of the Hang Seng tracking energy shares ended 2 percent lower, while the IT sector closed 2.47 percent down, the financial sector ended 1.18 percent lower and property sector closed 1.46 percent weaker. ** The top gainer on Hang Seng was CSPC Pharmaceutical Group Ltd , which ended 0.6 percent firmer, while the biggest loser was Bank of East Asia Ltd, which closed 5.95 percent down. ** China’s main Shanghai Composite index closed down 0.32 percent at 2,795.3099 points, while its blue-chip CSI300 index ended 0.43 percent lower. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.55 percent, while Japan’s Nikkei index closed down 1.98 percent. ** The yuan was quoted at 6.88 per U.S. dollar at 0810 GMT, 0.53 percent weaker than previous close of 6.844. ** As of previous trading session, the Hang Seng index was down 5.19 percent this year, while China’s H-share index closed down 6.5 percent. As of previous close, the Hang Seng declined 0.76 percent this month. ** The top gainers among H-shares were Shenzhou International Group Holdings Ltd, which closed 1.69 percent firmer, followed by Guangzhou Automobile Group Co Ltd, which closed up 1.37 percent and CSPC Pharmaceutical Group Ltd , which ended 0.6 percent higher. ** The three biggest H-shares percentage decliners were China Huarong Asset Management Co Ltd, which ended down 4.62 percent, ZhongAn Online P & C Insurance Co Ltd, which closed 4.4 percent lower and Air China Ltd, which ended down 4.3 percent. ** About 1.53 billion Hang Seng index shares were traded, roughly 88.9 percent of the market’s 30-day moving average of 1.72 billion shares a day. The volume traded in the previous trading session was 1.32 billion. ** At close, China’s A-shares were trading at a premium of 16.85 percent over the Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom, Editing by Sherry Jacob-Phillips)


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