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Financials

Tech giants drag Hong Kong shares lower ahead of earnings

Nov 17 (Reuters) - Hong Kong shares settled lower on Wednesday, weighed down by tech giants ahead of third-quarter earnings reports.

The Hang Seng index fell 0.3%, to 25,650.08, while the China Enterprises Index lost 0.4%, to 9,193.21.

** The Hang Seng Tech Index lost 0.6%, with food delivery company Meituan and e-commerce giant Alibaba Group down 1.6% and 0.2%, respectively.

** Alibaba is expected to report its earning results on Thursday, while Meituan will likely release its results near the end of November.

** Online gaming and tech company NetEase Inc went down 3.6% as earnings missed analysts’ forecasts.

** The financials sub-index retreated 0.3%, with insurer AIA down 0.6% and dragging the Hang Seng Index 11 points lower.

** Mainland property developers listed in Hong Kong lost 1.7%, with Country Garden Services Holdings slumping 4.2% to become the second-biggest percentage decliner on the Hang Seng Index.

** China media reported that Evergrande Group has dissolved several district-level units of an online real estate and automobile marketplace due to shrinking capital and business. (Reporting by the Shanghai Newsroom; Editing by Subhranshu Sahu)

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