Hong Kong stocks fall, but post monthly gain on tech strength

10/30/2020 | 03:42am

* HK->Shanghai Connect daily quota used -5.9%, Shanghai->HK daily quota used 9.9%

* HSI -2.0%, HSCE -2.0%, CSI300 -1.6%

* FTSE China A50 -1.3%

Oct 30 (Reuters) - Hong Kong stocks fell on Friday, tracking other Asian markets' declines on worries over next week's U.S. presidential election and a shaky global economic outlook, but strength in tech companies led to monthly gains.

** At the close of trade, the Hang Seng index was down 1.95% at 24,107.42. The Hang Seng China Enterprises index fell 1.96% to 9,760.24.

** The sub-index of the Hang Seng tracking energy shares dipped 1.3%, while the IT sector dipped 2.29%, the financial sector ended 2.33% lower and the property sector dipped 0.56%.

** For the month, HSI added 2.8%, while HSCE climbed 3.9%.

** Record numbers of coronavirus cases worldwide and the Nov. 3 U.S. presidential election remained the major focus for investors. On Wednesday, global coronavirus cases rose by more than 500,000 for the first time, with France and Germany prepping fresh lockdowns.

** China will set detailed economic targets for 2021-2025 to help promote higher quality growth, following a meeting of top Chinese leaders, the vice head of the country's state planner said on Friday.

** China aims for sustained and healthy economic development in the next five years, with an emphasis on higher quality growth, the ruling Communist Party's Central Committee said in a communique published on Thursday, after a conclave.

** Leading the gains for the month, the Hang Seng tech index gained 6.3% in October.

** Alibaba's Hong Kong shares rose 6.4% for the month ahead of Ant Group's IPO, while tech giant Tencent jumped 15.5%.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.28%, while Japan's Nikkei index closed down 1.52%.

** The yuan was quoted at 6.699 per U.S. dollar at 08:30 GMT, 0.25% firmer than the previous close of 6.7161. (Reporting by the Shanghai Newsroom; editing by Barbara Lewis)

© Reuters 2020
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