February 8, 2019 / 4:37 AM / 5 months ago

HK shares fall on fresh trade war, global growth fears

* Hang Sang index down 0.5 pct; energy shares tank

* Trump rules out meeting Xi before March 1 deadline

* Europe makes sharp cut to growth forecast from 2018

HONG KONG, Feb 8 (Reuters) - The Hong Kong stock market slid on Friday, after the United States played down a quick deal to end its tariff tussle with China, while the global economic outlook grew more grim. ** At midday, the Hang Seng index was down 0.5 percent at 27,854.23, while the Hang Seng China Enterprises index fell more than 1 percent. ** Losses were recorded across the board, with the IT sub-index dipping 0.5 percent, the financial sector index falling 0.2 percent and property shares losing 0.1 percent. * Energy shares shed 1.9 percent, leading the losses in the Hong Kong market, as oil markets slipped on worries over a global economic slowdown. ** U.S. President Donald Trump said on Thursday he did not plan to meet with Chinese President Xi Jinping before a March 1 deadline set by the two countries to achieve a trade deal, while White House economic adviser Larry Kudlow said the two leaders’ meeting “is off in the distance”. ** The European Commission said on Thursday that euro zone growth will slow to 1.3 percent this year from 1.9 percent in 2018, as it expects the bloc’s largest countries to be held back by global trade tensions and an array of domestic challenges. ** The Hong Kong market reopened on Friday after a three-day Lunar New Year holidays. Trading in mainland Chinese stocks remained closed this week for the same and will resume on Monday. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.6 percent, while Japan’s Nikkei index was down 1.7 percent. ** AAC Technologies Holdings Inc was the top gainer on Hang Seng, gaining 2.2 percent, while the biggest loser was WH Group Ltd, down 3 percent. ** The three biggest H-shares percentage losers were CNOOC Ltd , CITIC Securities Co Ltd and China Shenhua Energy Co Ltd, falling 2.7 percent, 2.6 percent and 2.4 percent, respectively. ** The short and one-factor leveraged Hang Seng index, which is designed to replicate the payoff of a short or leveraged portfolio and is linked to the movements of the benchmark index, was higher by 0.51 percent on the day at 4,961.84 points. (Reporting by the Hong Kong Newsroom; Editing by Rashmi Aich)

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