Hong Kong stocks fall on tech declines after India bans more apps

By anaafrica On Sep 3, 2020

Sept 3- Hong Kong stocks ended lower on Thursday, weighed by technology companies after India banned Chinese apps following a standoff with Beijing at the border. **India on Wednesday banned another 118 mobile apps including Tencent Holdings’ popular videogame PUBG and Xiaomi’s ShareSave, as it stepped up the pressure on Chinese technology companies.

* HK->Shanghai Connect daily quota used 3.5%, Shanghai->HK

daily

quota used 1.8%

* HSI -0.5%, HSCE -0.6%, CSI300 -0.6%

* FTSE China A50 -0.3%

Sept 3 (Reuters) – Hong Kong stocks ended lower on Thursday,weighed by technology companies after India banned Chinese appsfollowing a standoff with Beijing at the border.

** The Hang Seng index fell 0.5% to 25,007.60, whilethe China Enterprises Index slipped 0.6% to 9,940.13.

** Leading the retreat, the Hang Seng tech indexslumped 2.6%, posting its worst session since Aug. 10.

** India on Wednesday banned another 118 mobile appsincluding Tencent Holdings’ popular videogame PUBG andXiaomi’s ShareSave, as it stepped up the pressure onChinese technology companies.

** Shares of Chinese smartphone maker Xiaomi Corptumbled as much as 8.4% to snap a six-session winning streak,while Tencent closed down 2%.

** The ban was announced a day after a senior Indianofficial said troops were deployed on four strategic hilltopsafter what New Delhi called an attempted Chinese incursion alonga disputed Himalayan border.

** Also adding to the selling pressure were persistentSino-U.S. tensions.

** The United States said on Wednesday it would now requiresenior Chinese diplomats to get State Department approval beforevisiting U.S. university campuses or holding cultural eventswith more than 50 people outside mission grounds.

** In a bright spot was news that Hong Kong will re-opengyms and massage parlours and extend night-time dining hoursfrom Friday, as new daily infections in the Asian financial hubdrop into the single digits.

** Around the region, MSCI’s Asia ex-Japan stock indexgained 0.24%, while Japan’s Nikkei indexclosed up 0.94%.

** The yuan was quoted at 6.8355 per U.S. dollarat 0833 GMT, 0.03% higher than the previous close of 6.8375.

** At close, China’s A-shares were trading at a premium of42.61% over Hong Kong-listed H-shares.

(Reporting by the Shanghai Newsroom; Editing by Amy CarenDaniel)