April 24, 2019 / 9:16 AM / a year ago

Hong Kong stocks drop as rally loses steam

April 24 (Reuters) - Hong Kong stocks fell on Wednesday, despite strength on Wall Street, as a strong rally since the start of the year showed signs of fatigue in recent weeks.

** The Hang Seng index fell 0.5 percent to 29,805.83, while the China Enterprises index lost 0.6 percent to 11,663.78.

** With the market having largely priced in China’s economic stabilisation, investors are awaiting signs that the recovery is sustainable.

** Meanwhile, investors ignored fresh progress in the Sino-U.S. trade talks, with the likelihood of a deal largely priced in. U.S. Trade Representative Robert Lighthizer and Treasury Secretary Steven Mnuchin will travel to Beijing for talks beginning on April 30, the White House said on Tuesday.

** The sub-index of the Hang Seng tracking energy shares dipped 0.9 percent, while the IT sector rose 0.28 percent. The financial sector ended 0.67 percent lower and the property sector rose 0.43 percent.

** The top gainer on the Hang Seng was China Overseas Land & Investment Ltd, which gained 2.65 percent, while the biggest loser was Geely Automobile Holdings Ltd, which fell 5.38 percent.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.16 percent, while Japan’s Nikkei index closed down 0.27 percent.

** The yuan was quoted at 6.7161 per U.S. dollar at 08:50 GMT, 0.17 percent firmer than the previous close of 6.7278.

** The top gainers among H-shares were China National Building Material Co Ltd up 2.94 percent, followed by China Resources Land Ltd gaining 2.38 percent and Sinopharm Group Co Ltd up by 1.77 percent.

** The three biggest H-share percentage decliners were Great Wall Motor Co Ltd, down 2.88 percent, Hengan International Group Company Ltd, which fell 2.1 percent and Dongfeng Motor Group Co Ltd, down by 2.1 percent. (Reporting by the Shanghai Newsroom; Editing by Shounak Dasgupta)

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