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HK stocks fall as tech, education and property shares drop

07/23/2021 | 05:06am EDT

July 23 (Reuters) - Hong Kong stocks fell on Friday, dragged down by technology, education and property shares, as deepening concerns over over Beijing's tighter regulations weighed on sentiment.

** The Hang Seng index fell 1.5% to 27,321.98, while the China Enterprises Index lost 1.7% to 9,839.05. ** Morgan Stanley said in a note that investors should monitor actual earnings results from Chinese companies within the next few weeks to reconcile positive corporate alerts and declining consensus expectations.

** "We suggest more patience... for better calibration of market expectations among other near-term market overhangs including regulatory uncertainties, policy direction debate, and geopolitical tension," Morgan Stanley said.

** New Oriental Education & Technology Group Inc's Hong Kong-traded shares plunged 41% to a record low, amid deepening concerns over China's crackdown on tutoring businesses.

** China will crack down on after-school tutoring businesses and ban listings of tutoring institutions, according to a soft copy of a government document circulating on social media. Reuters was unable to immediately verify its authenticity.

** The Hang Seng Tech Index slumped nearly 3% to the lowest closing level since October, 2020.

** Hong Kong-listed property shares also fell as worries over tough regulations linger. Chinese local governments should strictly control financing for property developers, including bank loans, and improve land pricing mechanisms, state television quoted Vice Premier Han Zheng as saying on Thursday.

** The sub-index of the Hang Seng tracking energy shares dipped 0.8%, while the IT sector dipped 2.49%, and the financial sector ended 1.22% lower. ** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.68%, while Japan's Nikkei index closed up 0.58%. (Reporting by the Shanghai Newsroom; Editing by Rashmi Aich)


© Reuters 2021
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