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Sept 26 (Reuters) - Hong Kong stocks suffered their biggest single-day drop in two weeks on Monday as the market's recent rally showed signs of fatigue.
The decline came after losses on Wall Street on Friday and as investors turned their attention to American politics ahead of the first U.S. presidential debate later on Monday.
The Hang Seng index fell 1.6 percent to 23,317.92 points, while the China Enterprises Index lost 1.7 percent to 9,629.35.
The HSI has rallied around 12 percent so far in the third quarter, buoyed in large part by investments from mainland Chinese who are attracted by lower valuations in Hong Kong and are looking for ways to hedge the risk of further depreciation in the yuan currency.
"There is still some room for further rallies, despite the indices showing a few signs of fatigue," Christian Nolting, Global Chief Investment Officer at Deutsche Bank Wealth Management wrote, citing relative attractive dividends of Hong Kong stocks.
However, he also pointed out that "policy and economic uncertainty in the rest of the world represent a downside risk for equity markets in general."
Nearly all main sectors fell, with raw material and industrial stocks leading the decline. (Reporting by Samuel Shen and John Ruwitch; Editing by)