Hong Kong stocks post worst week in over three months after U.S. selloff

Market trading boards are seen at the Australian Securities Exchange in Sydney, Friday, February 9, 2018. ( AAP Image/Ben Rushton) NO ARCHIVING

* HK->Shanghai Connect daily quota used -3.9%, Shanghai->HK daily quota used 6.6%

* HSI -1.3%, HSCE -0.6%, CSI300 -1.0%

* FTSE China A50 -1.1%

Sept 4 (Reuters) – Hong Kong stocks dropped on Friday, following Wall Street’s overnight selloff, and posted their steepest weekly fall in more than three months.

** At the close of trade, the Hang Seng index was down 312.15 points or 1.25% at 24,695.45. The Hang Seng China Enterprises index fell 0.56% to 9,883.98.

** The sub-index of the Hang Seng tracking energy shares dipped 0.3%, while the IT sector dipped 2.03%, the financial sector ended 0.93% lower and the property sector fell 1.49%.

** The top percentage gainer on the Hang Seng was Want Want China Holdings Ltd, up 2.58%, and the biggest decliner was Galaxy Entertainment Group Ltd, down 4.78%.

** For the week, HIS retreated 2.9%, its worst week since the week of May 22, while HSCE also declined 2.9% in its worst week since July 17.

** Wall Street’s main indexes marked their deepest one-day dives in months on Thursday as investors dumped the high-flying technology sector, while economic data highlighted concerns about a long and difficult recovery.

** The Hang Seng tech index fell 1.5% on Friday, but has still gained 61% this year.

** Index heavyweight Tencent fell for a second straight session, shedding 3%, after India banned its popular videogame PUBG.

** “We suggest investors take a wait-and-see attitude toward tech shares for the moment, as the profit-taking pressure could not be ignored for Chinese and U.S. tech firms following their robust gains this year,” KGI Securities noted in report.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.72% and Japan’s Nikkei index closed down 1.11%.

** The yuan was quoted at 6.8393 per U.S. dollar at 0829 GMT, 0.11% higher than the previous close of 6.847.

** At close, China’s A-shares were trading at a premium of 41.81% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom; Editing by Amy Caren Daniel)

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