February 27, 2018 / 8:49 AM / 3 months ago

Hong Kong shares fall ahead of Fed Chairman Powell's testimony

* HK->Shanghai Connect daily quota used 13.1 pct, Shanghai->HK Connect saw record net outflows of 2.9 bln yuan

* HSI -0.7 pct, HSCE -1.5 pct, CSI300 -1.5 pct

* HSI financial sector sub-index 0.6 pct lower; property sector down 0.9 pct

Feb 27 (Reuters) - Hong Kong stocks fell from three-week highs on Tuesday, as investors took profit ahead of Federal Reserve Chairman Jerome Powell’s first congressional testimony.

** The southbound leg of the Shanghai-Hong Kong Stock Connect saw record net outflows of 2.9 billion yuan ($459.88 million).

** The Hang Seng index fell 0.7 percent, to 31,268.66, while the China Enterprises Index lost 1.5 percent, to 12,646.54. ** The sub-index of the Hang Seng tracking energy shares dipped 0.9 percent while the IT sector fell 1.32 percent. The financial sector was 0.61 percent lower, while property sector dipped 0.89 percent . ** The top gainer on Hang Seng was AIA Group Ltd, up 3.72 percent, while the biggest loser was Country Garden Holdings Co Ltd, which was down 3.91 percent. ** China’s main Shanghai Composite index closed down 1.14 percent at 3,329.5737 points while its blue-chip CSI300 index ended down 1.45 percent . ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.21 percent while Japan’s Nikkei index closed up 1.07 percent. ** The yuan was quoted at 6.3075 per U.S. dollar at 08:30 GMT, 0.04 percent firmer than the previous close of 6.3103. ** As of the previous trading session, the Hang Seng index was up 5.28 percent this year, while China’s H-share index was up 9.6 percent. As of the previous close, the Hang Seng has declined 4.22 percent this month. ** The top gainers among H-shares were Huaneng Power International Inc up 3.18 percent, followed by Dongfeng Motor Group Co Ltd gaining 2.42 percent and Zhuzhou CRRC Times Electric Co Ltd up by 1.16 percent. ** The three biggest H-shares percentage decliners were China Shenhua Energy Co Ltd which was down 3.42 percent, Anhui Conch Cement Co Ltd which fell 3.4 percent and Air China Ltd down by 3.3 percent. ** About 2.66 billion Hang Seng index shares were traded, roughly 87 percent of the market’s 30-day moving average of 3.06 billion shares a day. The volume traded in the previous trading session was 2.09 billion. ** At close, China’s A-shares were trading at a premium of 27.34 percent over the Hong Kong-listed H-shares. ** The price-to-earnings ratio of the Hang Seng index was 13.87 as of the last full trading day while the dividend yield was 2.8 percent. ($1 = 6.3060 Chinese yuan) (Reporting by the Shanghai Newsroom; Editing by Gopakumar Warrier)

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