July 3, 2019 / 8:41 AM / in a year

Trade uncertainty, lacklustre data drag Hong Kong shares lower

* Hang Seng index ends down 0.07%

* China Enterprises index HSCE falls 0.54%

* HSI financial sector sub-index is flat; property sector up 1.3%

July 3 (Reuters) - Hong Kong shares ended weaker on Wednesday as investors reconsidered their initial enthusiasm over a truce in trade dispute between Washington and Beijing, while fresh data pointed to further weakness in the Chinese economy. ** At the close of trade, the Hang Seng index was down 20.42 points or 0.07% at 28,855.14. ** The Hang Seng China Enterprises index ended down 0.54% at 10,922.41, with new data showing slowing growth in China’s services sector further weighing on sentiment. ** Adding to investor concerns over trade negotiations, White House trade adviser Peter Navarro said on Tuesday the talks were “headed in a very good direction”, but that a deal “will take time”. ** The sub-index of the Hang Seng tracking energy shares dropped 1.1%, while the IT sector dipped 0.8%, and the financial sector ended 0.19% lower. ** Property shares were a rare bright spot, with an index tracking the sector rising 1.33% after some property firms posted solid sales growth. Developer China Vanke Co Ltd rose 2.33% and China Aoyuan Group Ltd gained 1.53% after earlier touching an all-time high. ** The top gainer on the Hang Seng was CSPC Pharmaceutical Group Ltd, which gained 2.5%, while the biggest loser was Sunny Optical Technology Group Co Ltd, which dropped 3%. ** China’s main Shanghai Composite index closed down 0.94% at 3,015.26 points, while the blue-chip CSI300 index ended down 1.11%. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.35%, while Japan’s Nikkei index closed 0.53% weaker. ** The yuan was quoted at 6.8843 per U.S. dollar at 0823 GMT, 0.15% weaker than the previous close of 6.8738. Earlier on Wednesday, the currency hit its weakest level against the dollar in a week as comments by Premier Li Keqiang stoked market expectations of further policy easing. ** The top gainers among H-shares were CSPC Pharmaceutical Group Ltd up 2.5%, followed by China Vanke Co Ltd, gaining 2.33% and China Resources Land Ltd, up by 1.88%. ** The three biggest H-shares percentage decliners were CITIC Securities Co Ltd, which closed 2.41% lower, Shenzhou International Group Holdings Ltd, which ended down 1.88% and New China Life Insurance Co Ltd, which closed 1.79% weaker. (Reporting by Andrew Galbraith, Editing by Sherry Jacob-Phillips)

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