July 17, 2020 / 8:58 AM / 20 days ago

Hong Kong shares rise, post biggest weekly fall in 2 months on subdued China stocks

* HK->Shanghai Connect daily quota used 2.8%, Shanghai->HK daily quota used 2.8%

* HSI +0.5%, HSCE +0.7%, CSI300 +0.6%

* FTSE China A50 +1.0%

SHANGHAI, July 17 (Reuters) - Hong Kong stocks ended higher on Friday but posted their worst weekly decline in nearly two months, weighed down by a sharp correction on the mainland, where better-than-expected GDP data fuelled worries over the pace of policy easing.

** At the close of trade, the Hang Seng index was up 0.47% at 25,089.17. The Hang Seng China Enterprises index rose 0.69% to 10,203.57.

** The sub-index of the Hang Seng tracking energy shares dipped 0.2%, while the IT sector rose 2.09%, the financial sector ended 0.02% higher and the property sector dipped 0.51%.

** For the week, HSI fell 2.5%, its biggest weekly drop since May 22, while HSCE retreated 3.2%, its steepest since March 20.

** Shanghai shares suffered their worst weekly drop in five months, as China’s better-than-expected GDP data fuelled worries over the pace of policy easing, while foreign investors cashed in after a bull run.

** “The pace of policy loosening will be slower, as policymakers observe how the job and financial markets perform and decide what steps to take next,” said Zhaopeng Xing, market economist at ANZ, Shanghai.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.63%, while Japan’s Nikkei index closed down 0.32%.

** The yuan was quoted at 7.0002 per U.S. dollar at 0829 GMT, 0.16% weaker than the previous close of 6.9891.

** At close, China’s A-shares were trading at a premium of 31.23% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom; Editing by Rashmi Aich)

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