February 11, 2020 / 9:03 AM / 12 days ago

RPT-Hong Kong stocks tick up as new coronavirus cases drop

(Repeats story with no changes to text)

* Hang Seng rises 1.3%, H-shares up 1.5%

* No. of daily new coronavirus cases falls

* Alibaba slips after report it will be excluded from StockConnect

HONG KONG, Feb 11 (Reuters) - Hong Kong shares rose on Tuesday as the pace of new coronavirus infections in mainland China slowed, providing some respite to investors in the city and across the region.

** The Hang Seng Index climbed 1.3% to 27,583.88 points, their highest since Jan. 24. H-shares rose 1.5%.

** The Hang Seng sub-index tracking the energy sector rose 0.8%, the information technology sector gained 1.3%, the financial sector was also up 1.3%, while the property sector firmed 0.9%.

** There were 2,478 new confirmed cases in mainland China on Feb. 10, down from 3,062 on the previous day, bringing the total to 42,638.

** The top percentage gainer on the Hang Seng was Geely Automobile Holdings, up 5.7%, while the biggest loser was Hengan International Group, down 2.3%.

** Shares of e-commerce giant Alibaba dropped 2.5% in Hong Kong after a Bloomberg report said the company will not be allowed to join the Stock Connect trading link, which grants mainland China and Hong Kong equity investors mutual access.

** China’s central bank should consider lowering its benchmark deposit rate to enable banks to reduce lending rates and help small businesses weather the economic fallout from the fast-spreading coronavirus, a central bank advisor said.

** “Adjusting for modest earnings growth downgrade, a further 7-8% index decline from present index level will present a very compelling entry opportunity,” Union Bancaire Privee said in a note this week.

** Investors will also be keeping an eye on remarks by U.S. Federal Reserve Chairman Jerome Powell at a Congress testimony later on Tuesday. (Reporting by Noah Sin; Editing by Aditya Soni)

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