November 15, 2019 / 8:33 AM / a month ago

Hong Kong stocks have biggest weekly loss in 3 mths amid protests, trade uncertainty

* HK->Shanghai Connect daily quota used 2.3%, Shanghai->HK daily quota used 4.3%

* HSI +0.0%, HSCE +0.0%, CSI300 -0.7%

* FTSE China A50 -0.3%

Nov 15 (Reuters) - Hong Kong stocks gave back earlier gains to end flat on Friday, posting their worst week in more than three months, on concerns over the persistent political unrest and uncertainty around Sino-U.S. trade deal.

** The Hang Seng index was unchanged at 26,326.66, while the China Enterprises Index was was flat at 10,424.80 points.

** For the week, HSI was down 4.8%, while HSCE lost 4.2%, both posting their steepest weekly losses since the week of Aug 2.

** The Chinese and Hong Kong governments condemned on Friday an attack by a “violent mob” on the city’s justice secretary in London, the first direct altercation between demonstrators and a government minister during months of often violent protests.

** Hong Kong is expected to confirm on Friday it plunged into recession for the first time in a decade, amid concerns the economy could be in even worse shape than feared as months of anti-government protests take a heavy toll.

** The U.S. Congress should enact legislation that would suspend the special economic status Hong Kong enjoys under U.S. law should China deploy forces to crush protests in the territory, a congressional advisory body said on Thursday.

** The economy of Hong Kong has fallen into a technical recession, with the social unrest weighing markedly on Hong Kong’s real estate, retail and hotel industries, GF Securities noted in report.

** Considering the “lagged effect” of the social events, the deterioration of the fundamentals of those Hong Kong local companies is yet to end, the brokerage added.

** There have also been worries about the Sino-U.S. trade relations in the absence of concrete details of a proposed trade deal.

** China and the United States are holding “in-depth” discussions on a first phase trade agreement, and cancelling tariffs is an important condition to reaching a deal, the Chinese commerce ministry said on Thursday.

** The United States and China are getting close to a trade agreement, White House economic adviser Larry Kudlow said on Thursday, citing what he called very constructive talks with Beijing about ending a 16-month trade war.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.56%, while Japan’s Nikkei index closed up 0.7%.

** The yuan was quoted at 7.0107 per U.S. dollar at 0814 GMT, 0.13% firmer than the previous close of 7.02.

** At the close, China’s A-shares were trading at a premium of 29.16% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom Editing by Jacqueline Wong)

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