August 15, 2018 / 4:33 AM / in a month

HK stocks hit near 1-year low as tech shares slump; China slips

* SSEC -1.3 pct, CSI300 -1.6 pct, HSI -1.5 pct

* HK->Shanghai Connect daily quota used -0.6 pct, Shanghai->HK daily quota used 0.9 pct

* FTSE China A50 -1.6 pct, BNY Mellon ADR China Select Index -2.0 pct

SHANGHAI, Aug 15 (Reuters) - Hong Kong stocks extended declines on Wednesday, with the benchmark Hang Seng index tumbling to its lowest in nearly one year, pulled down by losses in technology firms.

** The Hang Seng index dropped 1.5 percent to 27,330.64 points, its lowest since Aug 21, 2017. While the Hong Kong China Enterprises Index fell 1.9 percent to 10,538.76 points. Both bourses were on track for a fourth straight day of losses. ** Sectors fell across the board, with losses led by technology companies. ** An index tracking information technology firms in Hong Kong slumped 3.7 percent, led by tech bellwether Tencent falling as much as 3.9 pct ahead of the release of its half-year earnings later in the day. ** “Investors tend to focus on negative aspects of listed companies’ first-half reports, as there is much pessimism and caution in a falling market,” said Linus Yip, a Hong Kong-based analyst, First Shanghai Securities. ** Participants are relatively cautious over market performance in the second half of 2018 on fears over China’s economic outlook amid trade frictions with the United States and over the currencies depreciation in emerging markets after the lira rout, he added. ** With its trade war with the United States threatening to pile more pressure on China’s economy, Beijing on Tuesday reported downbeat economic data, rolled out a $14 billion urban railway plan and pushed local governments to speed up issuance of special bonds for funding infrastructure projects. ** On the mainland, the CSI300 index dropped 1.6 percent to 3,320.69 points, while the Shanghai Composite Index lost 1.3 percent to 2,744.47 points. ** Around the region, MSCI’s Asia ex-Japan stock index fell 1.05 percent, while Japan’s Nikkei index slipped 0.72 percent. ** The yuan was quoted at 6.904 per U.S. dollar, 0.31 percent weaker than the previous close of 6.8826. ** The largest percentage gainers in the main Shanghai Composite index were Nanjing Textiles Import & Export Corp Ltd up 10.06 percent, followed by Butone Information Corporation XiAn gaining 10.01 percent and Fujian Dongbai Group Co Ltd up by 10 percent. ** The largest percentage losses in the Shanghai index were Shangying Global Co Ltd down 9.99 percent, followed by HNA Infrastructure Investment Group Co Ltd losing 9.96 percent and Hubei Jumpcan Pharmaceutical Co Ltd down by 9.15 percent. ** The top gainers among H-shares were China Mobile Ltd up percent, followed by China Telecom Corp Ltd gaining 0.56 percent and China Life Insurance Co Ltd up by -0.74 percent. ** The three biggest H-shares percentage decliners were China Gas Holdings Ltd, which fell 6.70 percent, CSPC Pharmaceutical Group Ltd, which declined 4.8 percent and Great Wall Motor Co Ltd, which lost 4.4 percent. ** About 6.23 billion shares have traded so far on the Shanghai exchange, roughly 44.9 percent of the market’s 30-day moving average of 13.86 billion shares a day. The volume traded was 10.96 billion as of the last full trading day. ** As of 0400 GMT, China’s A-shares were trading at a premium of 17.68 percent over the Hong Kong-listed H-shares. ** The Shanghai stock index is below its 50-day moving average and below its 200-day moving average. ** The price-to-earnings ratio of the Shanghai index was 12.12 as of the last full trading day, while the dividend yield was 2.7 percent.

Reporting by Luoyan Liu and John Ruwitch, Editing by Sherry Jacob-Phillips

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