March 11, 2020 / 9:23 AM / 23 days ago

Hong Kong stocks fall on doubts over stimulus efforts against virus

* HK->Shanghai Connect daily quota used 1.5%, Shanghai->HK daily quota used 10.8%

* HSI -0.6%, HSCE -0.8%, CSI300 -1.3%

* FTSE China A50 -1.1%

March 11 (Reuters) - Hong Kong stocks closed lower on Wednesday, tracking Asian markets that fell due to growing uncertainty over global policy efforts to arrest the economic loss from the coronavirus epidemic.

** The Hang Seng index fell 0.6% to 25,231.61, while the China Enterprises Index lost 0.8% to 10,070.47.

** Leading the retreat, the Hang Seng energy index and IT index dropped 3% and 1.6%, respectively.

** The White House and Congress negotiated measures on Tuesday to shield the U.S. economy against the epidemic’s impact, although there was no immediate sign of a deal.

** For the short term, correction risk still exists given the relatively strong “momentum effect” from a continued fall in the market, brokerage GF Securities said in report.

** However, a firmer yuan and strong southbound flows from mainland investors offered a measure of support to Hong Kong stocks, the brokerage added.

** On the day, mainland investors purchased a total of 6.5 billion yuan ($935.48 million) worth of Hong Kong stocks via the Stock Connect, as they hunted for bargains after the benchmark index hit a seven-month low on Monday amid a global selloff.

** China’s main Shanghai Composite index closed down 0.94% at 2,968.52 points, while the blue-chip CSI300 index ended 1.33% lower.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.08%, while Japan’s Nikkei index dropped 2.27%.

** The yuan was quoted at 6.9495 per U.S. dollar at 0833 GMT, 0.09% firmer than the previous close of 6.9558.

** At close, China’s A-shares were trading at a premium of 29.83% over Hong Kong-listed H-shares. ($1 = 6.9483 Chinese yuan renminbi) (Reporting by the Shanghai Newsroom; Editing by Devika Syamnath)

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