July 9, 2019 / 8:51 AM / 12 days ago

Hong Kong stocks fall for 4th day on fading hopes of a deep rate cut by Fed

July 9 (Reuters) - Hong Kong stocks fell for the fourth day in a row on Tuesday, tracking weakness in global markets, as hopes of a deep rate cut by the Federal Reserve faded. ** The Hang Seng index fell 0.8%, to 28,116.28, while the China Enterprises Index lost 0.7%, to 10,650.63.

** Global markets retreated from pricing in a 50 basis point cut from the U.S. Federal Reserve this month following stronger-than-expected jobs data from the United States last week.

** Meanwhile, investor optimism toward resumption of trade talks between Beijing and Washington is also fading, with focus back on China’s economic fundamentals.

** Investors are cautiously awaiting a slew of economic data ahead to assess health of China’s economy. Over the next week, China will publish inflation, money supply, loan and trade data.

** The sub-index of the Hang Seng tracking energy shares dipped 0.5%, while the IT sector fell 0.38%, the financial sector ended 0.73% lower and the property sector slipped 1.45%. ** The top gainer on the Hang Seng was Sands China Ltd , which gained 1.67%, while the biggest loser was Geely Automobile Holdings Ltd, which fell 3.78%. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.5%, while Japan’s Nikkei index closed up 0.14%. ** The yuan was quoted at 6.8855 per U.S. dollar at 08:27 GMT, 0.04% weaker than the previous close of 6.8827. ** The top gainers among H-shares were PICC Property and Casualty Co Ltd up 3.01%, followed by BYD Co Ltd , gaining 1.17% and China National Building Material Co Ltd, up by 0.96%. ** The three biggest H-shares percentage decliners were China Vanke Co Ltd, which was down 3.19%, Guangzhou Automobile Group Co Ltd, which fell 3.12% and China Resources Beer Holdings Co Ltd, down by 2.93%. (Reporting by the Shanghai Newsroom)

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