November 20, 2018 / 8:35 AM / in 5 months

HK stocks down 2 pct as tech, financial shares slump

* HSI -2.0 pct, HSCE -1.6 pct, CSI300 -2.3 pct

* Tech, financial shares lead the decline

* Xiaomi surge after saying it swung to profit

Nov 20 (Reuters) - Hong Kong’s benchmark stock index fell about 2 percent on Tuesday, as an overnight rout in U.S. technology stocks led to steep losses on Wall Street and across Asian shares, dragging down Hang Seng’s technology sector. ** The Hang Seng index fell 2.0 percent, to 25,840.34, while the China Enterprises Index lost 1.6 percent, to 10,466.11 points.

** Sentiment was soured by overnight losses in U.S. stocks, which triggered renewed concerns over global economic growth. Lingering uncertainty around Sino-U.S. trade relationship also curbed risk appetite.

** Hong Kong technology shares led the market’s decline, dropping 2.4 percent. Financial stocks were also among the biggest losers, falling about 2 percent.

** Bucking the trend, Chinese smartphone maker Xiaomi Inc jumped over 8 percent, after saying it swung to a net profit in the third quarter, beating analysts’ estimates. (Reporting by the Shanghai Newsroom; Editing by Amrutha Gayathri)

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