Hong Kong shares end decreased on tech regulatory problems

Aug 5 (Reuters) – Hong Kong shares ended decrease in a risky session on Thursday,

Aug 5 (Reuters) – Hong Kong shares ended decrease in a risky session on Thursday, as uncertainty all over regulatory tightening in the tech sector sapped risk urge for food.

** At the near of trade, the Cling Seng index was down 221.86 details or .84% at 26,204.69. The Dangle Seng China Enterprises index fell 1.3% to 9,296.43.

** The sub-index of the Cling Seng tracking technology shares dropped 2.1%, although the IT sector fell 2.31%.

** The Chinese Communist Party’s major selection-producing body at its most current meeting stated conditions like “anti-monopoly” and “curbing disorderly expansion by capital”, portending a regulatory storm that would crush tech shares in the coming months, mentioned Larry Hu, main China economist at Macquarie in Hong Kong.

** The 3 most significant H-share share decliners were being Kuaishou Know-how, down 15.3%, Alibaba Health and fitness Information and facts Technology Ltd, which fell 6.17% and Country Backyard Companies Holdings Co Ltd, which lose 4.75%.

** Close to the location, MSCI’s Asia ex-Japan stock index was weaker by .29%, although Japan’s Nikkei index shut up .52%.

** This 7 days, the MSCI Asian regional benchmark has recovered most of the floor lost a 7 days previously, when a sequence of Chinese regulatory crackdowns on sectors from house to training squeezed Chinese stocks and overshadowed the region as a complete. (Reporting by the Shanghai Newsroom Modifying by Ramakrishnan M.)