November 29, 2019 / 8:38 AM / 10 days ago

HK stocks end week on tepid note as trade angst, protests weigh

* HK->Shanghai Connect daily quota used 0.4%, Shanghai->HK daily quota used 3.4%

* HSI -2.0%, HSCE -2.5%, CSI300 -0.9%

* FTSE China A50 -1.3%

Nov 29 (Reuters) - Hong Kong stocks ended the week lower, dampened by renewed doubts over the prospects of a Sino-U.S. trade deal and on signs of economic damage from persistent anti-government protests in the Asian financial hub.

** The Hang Seng index ended down 2% at 26,346.49 on Friday, while the China Enterprises Index lost 2.5% to 10,301.82.

** For the week, HSI was down 0.9%, while HSCE slid 1.9%.

** Sino-U.S. tensions flared after the U.S. government’s decision to sign a bill backing anti-government protesters in Hong Kong.

** China warned the United States on Thursday that it would take “firm counter measures” in response to U.S. legislation backing anti-government protesters in Hong Kong, and said attempts to interfere in the Chinese-ruled city were doomed to fail.

** “The main concern is still the trade deal,” said Alex Wong, a director at Ample Finance Group in Hong Kong.

** “We are in thin trading, so as we break out on the downside some people will chase (the sell-off),” he added.

** Market participants were also worried about signs of more economic damage as the island city geared up for weekend protests.

** Hong Kong braced for a fresh wave of protests over the weekend as police on Friday withdrew from a university campus, which was the site of some of the worst clashes between protesters and security forces in nearly six months of unrest.

** Hong Kong private home prices slipped for a fifth consecutive month in October as the Asian financial hub grapples with its biggest political crisis in decades, although the pace of decline slowed.

** “Looking at the social and market situation, the price index will continue to decline in November and December,” said Thomas Lam, executive director of property consultancy Knight Frank.

** Luxury brands are likely to retreat from Hong Kong as the city is wracked by protests at a time when wealthy Chinese shoppers are staying on the mainland, consultancy Bain said on Thursday, highlighting a shift that is reshaping the global industry.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 1.14%, while Japan’s Nikkei index closed down 0.49%.

** The yuan was quoted at 7.0276 per U.S. dollar at 0814 GMT, 0.1% firmer than the previous close of 7.0348.

** At close, China’s A-shares were trading at a premium of 29.42% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom, Editing by Sherry Jacob-Phillips)

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