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Hong Kong stocks drop near 2% as financials weigh

05/03/2021 | 01:07am EDT

* Hang Seng index falls 1.48%

* China Enterprises index HSCE drops 1.28%

* HSI financial sub-index sinks 2.1%; property sector down 1%

HONG KONG, May 3 (Reuters) - Hong Kong stocks fell on Monday, with financials leading the slide, as investors locked in gains after a recent rally, while many kept to the sidelines as China markets remain closed.

** By lunch break, the Hang Seng index was down 424.36 points, or 1.48%, at 28,300.52. The Hang Seng China Enterprises index fell 1.28% to 10,686.87.

** The sub-index of the Hang Seng tracking energy shares slid 0.4%, while the IT sector dipped 0.94%, the financial sector fell 2.11% and the property sector was down 1.04%.

** China's stock and bond markets, as well as its foreign exchange and commodity futures markets, are closed on May 1-5 for the Labour Day holiday. Trade will resume on May 6.

** The top gainer on the Hang Seng was China Petroleum & Chemical Corp, which gained 0.52%, while the biggest loser was HSBC Holdings PLC, which fell 3.38% after a 9% jump last week.

** AIA fell 2.6%, Ping An dropped 2.4% and China Life was down 2.3%

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.6%

** The top gainers among H-shares were Anhui Conch Cement Co Ltd up 1.29%, followed by Postal Savings Bank of China Co Ltd, gaining 1.19% and Hansoh Pharmaceutical Group Company Ltd, up by 0.75%.

** The three biggest H-shares percentage decliners were Kuaishou Technology, which dropped 3.57%, China Feihe Ltd, which fell 3.39% and Alibaba Health Information Technology Ltd, was down 2.53%. (Reporting by Donny Kwok)


ę Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
AIA GROUP LIMITED 1.22% 95.1 End-of-day quote.0.11%
ALIBABA HEALTH INFORMATION TECHNOLOGY LIMITED 0.80% 17.64 End-of-day quote.-22.97%
CHINA FEIHE LIMITED -3.89% 18.76 End-of-day quote.3.30%
HANSOH PHARMACEUTICAL GROUP COMPANY LIMITED -3.34% 31.85 End-of-day quote.-15.29%
KUAISHOU TECHNOLOGY -2.04% 201.6 End-of-day quote.0.00%
POSTAL SAVINGS BANK OF CHINA CO., LTD. 0.57% 5.33 End-of-day quote.21.69%
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