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Hong Kong stocks fall as commodity sector drags on price curb fears

Hong Kong stocks fall as commodity sector drags on price curb fears
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Energy, telecom firms lift Hong Kong stocks higher; China trade in narrow range

HK->Shanghai Connect daily quota used 100%, Shanghai->HK daily quota used 2.3% FTSE China A50 -0.3% SHANGHAI, May 18 (Reuters) - Hong Kong stocks climbed for a third straight session on Tuesday, buoyed by gains in shares of energy and telecommunications firms. The Hang Seng index rose 1.3% to 28,545.20, while the Hong Kong China Enterprises Index gained 1.2% to 10,632.05. Both were poised for a third straight session of gains. Leading the gains, the Hang Seng energy index and the Hang Seng telecommunications index advanced 3.2% and 2.7%, respectively. “Latest economic data from China and the United States showed growth slowed to some extent, raising hopes that monetary easing could continue,” said Linus Yip, chief strategist at First Shanghai Group.

Hong Kong stocks fall as commodity sector drags on price curb fears

Article content Yan said Bitcoin mining has consumed too much of China’s resources, including coal, at a time when Beijing seeks carbon neutrality. Despite the weakness, mainland investors continued their buying, purchasing a net 4.5 billion yuan ($698.94 million) worth of Hong Kong shares on Thursday, according to Refinitiv data. Shares of China’s e-commerce co JD.com Inc rose as much as 4.1% to HK$281.80, their highest since May 12 as first-quarter revenue topped estimates. On the mainland, the CSI300 index was unchanged at 5,174.50 points at the end of the morning session, while the Shanghai Composite Index lost 0.3% to 3,500.86 points. The CSI300 energy and the CSI A-share resource industries index dropped 2.6% and 3.1%, respectively. ($1 = 6.4383 Chinese yuan renminbi) (Reporting by Luoyan Liu and Andrew Galbraith; Editing by Devika Syamnath)

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