Hong Kong stocks fall ahead of Powell's testimony

Reuters2021-06-22
  • HK->Shanghai Connect daily quota used -0.7%, Shanghai->HK daily quota used 1.8%
  • HSI -0.6%, HSCE -0.7%, CSI300 +0.6%
  • FTSE China A50 +0.8%

June 22 (Reuters) - Hong Kong stocks closed lower on Tuesday, as weakness in tech stocks offset a jump in energy firms, ahead of highly-anticipated testimony from U.S. Federal Reserve Chair Jerome Powell.

At the close of trade, the Hang Seng index was down 179.24 points, or 0.63%, at 28,309.76. The Hang Seng China Enterprises index fell 0.74% to 10,469.8.

The sub-index of the Hang Seng tracking energy shares rose 2.7%, while the IT sector dipped 2.43%, the financial sector ended 0.1% lower and the property sector rose 0.35%.

The top gainer on the Hang Seng was PetroChina Co Ltd, which gained 5.85%, while the biggest loser was BYD Co Ltd , which fell 4.04%.

All eyes are on Fed chief Jerome Powell who appears before Congress from 1800 GMT.

Shares in China's digital currency and blockchain-related firms retreated as Beijing further tightened its grip on cryptocurrency trading.

China's central bank said on Monday it had recently summoned some banks and payment firms, including China Construction Bank and Alipay, urging them to crack down harder on cryptocurrency trading.

Huobi Tech, an affiliate of crypto exchange operator Huobi, tumbled 20%, while digital currency trading platform developer OKG Technology Holdings Ltd slumped 5.4%.

China's main Shanghai Composite index closed up 0.8% at 3,557.41 points, while the blue-chip CSI300 index ended up 0.62%.

Around the region, MSCI's Asia ex-Japan stock index was barely changed , while Japan's Nikkei index closed up 3.12%.

The yuan was quoted at 6.4719 per U.S. dollar at 08:13, 0.1% weaker than the previous close of 6.4653.

At close, China's A-shares were trading at a premium of 38.69% over Hong Kong-listed H-shares.

(Reporting by the Shanghai Newsroom; Editing by Aditya Soni)

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