July 31, 2018 / 8:54 AM / 4 months ago

Hong Kong stocks close lower as tech shares slump

* Hang Seng index ends down 0.5 pct

* Tencent drops 3.3 pct HSI financial sector sub-index is flat; IT sector down 3.22 pct

* China Enterprises index HSCE falls 0.2 pct

July 31 (Reuters) - Hong Kong’s main Hang Seng index ended down on Tuesday, with technology shares tracking their Wall Street counterparts lower. China’s H-shares index dropped, while market response to data showing slowing Chinese manufacturing activity was muted. ** At the close of trade, the Hang Seng index was down 150.12 points, or 0.52 percent, at 28,583.01. The Hang Seng China Enterprises index closed 0.2 percent lower at 11,024.73. ** The sub-index of the Hang Seng tracking energy shares closed 0.8 percent firmer, the financial sector ended 0.38 percent lower and property sector closed down 0.33 percent.

** The IT sector ended 3.22 percent lower, with Hang Seng index heavyweight Tencent shedding 3.3 percent.

** Tencent shares dropped after tech shares on the Wall Street stumbled overnight as disappointing results from Facebook , Twitter and Netflix spurred concerns about future growth for a sector that has led U.S. equities to record highs. ** Growth in China’s manufacturing sector slowed more than expected in July, as the worsening trade dispute with Washington, bad weather and weaker domestic demand weighed on factory activity.

** The top gainer on Hang Seng was MTR Corp Ltd, up 2.44 percent, while the biggest loser was Sunny Optical Technology Group Co Ltd, which closed down 4.78 percent. ** Around the region, MSCI’s Asia ex-Japan stock index ended down 0.22 percent, while Japan’s Nikkei index closed 0.04 percent firmer. ** The yuan was quoted at 6.8281 per U.S. dollar, as of 0823 GMT, 0.14 percent weaker than previous close of 6.8188. ** As of previous trading session, the Hang Seng index was down 3.96 percent this year, while China’s H-share index shed 5.7 percent. As of previous close, the Hang Seng lost 0.77 percent this month. ** The top gainers among H-shares were Guangzhou Automobile Group Co Ltd up 2.94 percent, followed by PICC Property and Casualty Co Ltd gaining 1.96 percent and China Telecom Corp Ltd up by 1.92 percent. ** The three biggest H-shares percentage decliners were ZhongAn Online P & C Insurance Co Ltd, which closed down 5.39 percent, Tencent Holdings Ltd which ended 3.3 percent down and Huaneng Power International Inc, which closed down 3.1 percent.

** About 1.51 billion Hang Seng index shares were traded, roughly 75.1 percent of the market’s 30-day moving average of 2.01 billion shares a day. The volume traded in the previous trading session was 1.27 billion. ** At close, China’s A-shares were trading at a premium of 17.95 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 11.26 as of the last full trading day, while the dividend yield was 3.3 percent. ** So far this week, the market capitalisation of the Hang Seng index dropped 0.37 percent to HK$18.62 trillion. ** The short and one-factor leveraged Hang Seng index, which is designed to replicate the payoff of a short or leveraged portfolio and is linked to the movements of the Hang Seng Index, was higher by 0.52 percent on the day at 4,950.05 points.

Reporting by the Shanghai Newsroom, Editing by Sherry Jacob-Phillips

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