Hong Kong stocks lower as insurers and oil firms fall while Tencent drops for fourth day

Hong Kong stocks fell on Monday, led by insurers and oil companies, in line with declines in mainland Chinese shares, while internet giant Tencent dropped for a fourth day in its longest losing streak since April.
The Hang Seng Index dropped 0.43 per cent, or 128.95 points, to 29,737.37, while the Hang Seng China Enterprises index dropped 0.50 per cent, or 59.53, points to 11,848.66.
Among insurance companies, Ping An slid 1.25 per cent to HK$82.70, AIA fell 0.66 per cent to HK$67.90 and CPIC dropped 1.11 per cent to HK$40.10. Tencent meanwhile lost 0.43 per cent to HK$414.00.
Oil companies dipped after Brent crude oil snapped four days of gains, slipping 0.19 per cent to US$63.74 per barrel ahead of a meeting of the producer cartel OPEC this week. CNOOC declined 1.12 per cent to HK$10.62, Sinopec fell 0.53 per cent to HK$5.62 and China Oilfield eased 0.40 per cent to HK$7.43.
Food and beverages also saw declines, with Mengniu Dairy sliding 0.72 per cent to HK$20.80 and Tsingtao Brewery falling 0.30 per cent to HK$33.35.
Mainland Chinese markets resumed declines on Monday amid concerns increasing regulatory oversight could tighten liquidity.
“With regulators intent on deleveraging, this recent market collapse may be a sign of things to come,” said Stephen Innes, APAC head of trading at Oanda, in a research note.
“As Beijing moves to standardise financial markets, it will likely lead to more short-term capitulations as investors are now required to face the inherent risk from high-yielding volatile assets as opposed to relatively risk-free returns as more financial reforms take hold.”
The Shanghai Composite Index fell 0.88 per cent, or 29.51 points, to 3,324.31 while the CSI 300 – which tracks large caps listed in Shanghai and Shenzhen – slid 1.40 per cent, or 57.52 points, to 4,046.68.
The Shenzhen Composite Index lost 0.32 per cent, or 6.07 points, to 1,916.65. The Nasdaq style ChiNext edged up 0.11 per cent, or 0.19 points, to 1,782.85.
On Friday, Wall Street had a half session on what is known as Black Friday, the day after the Thanksgiving holiday and the unofficial start of the US holiday shopping season.
The S&P 500 added 0.21 per cent to 2,602.42, breaching the 2,600 level for the first time, while the Nasdaq Composite rose 0.32 per cent to 6,889.16. Both were record closing highs. The Dow Jones Industrial Average finished 0.14 per cent higher at 23,557.99.
Elsewhere in Asia, Japan’s Nikkei 225 was down 0.36 per cent at 22,470.13 by mid morning. South Korea’s Kospi was down 1.2 per cent while the Australian All Ordinaries Index was little changed.

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