June 13, 2019 / 8:41 AM / a month ago

Hong Kong stocks recoup losses as developers shine

* HSI -0.1%, HSCE -0.2%, CSI300 -0.2%

* HK->Shanghai Connect daily quota used 2.7%

* Shanghai->HK daily quota used 3.9%

* FTSE China A50 -0.2%

SHANGHAI, June 13 (Reuters) - Hong Kong shares recovered most of their early losses and ended slightly lower on Thursday amid street protests, thanks to gains in real estate firms and mainland money flows.

** The Hang Seng index dropped as much as 1.8% before ending 0.1% lower at 27,294.71, while the China Enterprises Index ended 0.2% lower at 10,472.44, also recovering from earlier losses.

** Stocks were still under pressure amid large-scale protests. Scuffles broke out between protesters and police in Hong Kong on Thursday as hundreds of people remained on the streets to protest a planned extradition law with mainland China, a day after police fired tear gas and rubber bullets at demonstrators.

** Helping provide some steam, the Hang Seng properties and construction index gained 1.0%.

** Gainers in the sector were led by mainland home builders, including Sunac China, China Evergrande and Country Garden which all climbed more than 3%, as Beijing talked up policy boost to support the economy.

** Chinese regulators should step up support for the economy and keep ample liquidity in the financial system, Vice Premier Liu He said on Thursday, suggesting Beijing would soon unveil more policies to bolster growth amid rising U.S. trade pressure.

** Beijing has plenty of policy tools and is capable of dealing with various challenges, Liu said at a financial forum in Shanghai.

** Southbound money flows buying Hong Kong stocks via the Stock Connect linking mainland and Hong Kong also helped the market, with net buying amounting to about 2.7 billion yuan for the day.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.36%, while Japan’s Nikkei index closed down 0.46%.

** The yuan was quoted at 6.9214 per U.S. dollar at 08:17 GMT, 0.04% weaker than the previous close of 6.9188.

** At close, China’s A-shares were trading at a premium of 26.62% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom; editing by Gopakumar Warrier)

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