October 5, 2018 / 9:29 AM / a year ago

HK stocks at 3-week low amid fresh trade war fears

* Main index records largest weekly fall since early Feb

* IT stocks fall as market fears more trade war repercussions

* Participants await China markets’ re-open on Monday

By Noah Sin

Oct 5 (Reuters) - Stocks in Hong Kong closed at their lowest level since September 12 on Friday, as a plunge in technology shares renewed concerns over the impact of U.S.-China trade war on the sector. ** The Hang Seng Index was down 0.19 percent at 26,572.57. The index lost 4.4 percent this week, clocking its steepest weekly fall since early February. ** Chinese H-shares listed in Hong Kong fell 0.16 percent to 10,530.32. ** China’s financial markets will resume trade on Oct. 8 after a week-long National Day holiday ** Traders say many participants are waiting for cues from the Mainland A-share market’s movements on Monday amid the escalating trade conflict between Beijing and Washington. ** Technology stocks took a hammering on Friday after a Bloomberg report claimed that China infiltrated U.S. tech systems. The sub-index tracking the IT sector fell 1.7 percent, while the sub-index for IT hardware was down 4.72 percent. ** Lenovo led the slide, losing more than 15 percent. ZTE, the second worst performer in the IT sub-index, fell 10.99 percent, after a U.S. judge said on Thursday the company violated the probation imposed on it for breaking U.S. sanctions on Iran. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.68 percent, while Japan’s Nikkei index was down 0.80 percent. ** The three biggest H-shares percentage decliners were ZhongAn Online P & C Insurance Co Ltd, which has fallen 3.41 percent, Guangzhou Automobile Group Co Ltd, which has lost 2.9 percent and Shenzhou International Group Holdings Ltd , down by 2.2 percent. ** The top gainers among H-shares were China Railway Group Ltd , up 2.6 percent, followed by China Mobile Ltd , gaining 2.51 percent and China Telecom Corp Ltd , up by 2.33 percent. ** The top gainer on Hang Seng was China Mobile Ltd, up 2.51 percent, while the biggest loser was Link Real Estate Investment Trust, which was down 2.94 percent. (Reporting by Noah Sin; Editing by Gopakumar Warrier)

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