Sept 3 (Reuters) - Hong Kong shares finished lower on
Friday, dragged down by tech stocks, as investors stood on the
sidelines ahead of a key U.S. jobs data due later in the day for
clues on the timing and pace of Federal Reserve's plan to
withdraw its pandemic-era stimulus.
** But, losses on the benchmark were limited by Hong
Kong-listed Chinese brokerages after Beijing floated plans for a
new stock exchange.
** At the close of trade, the Hang Seng index was
down 188.44 points or 0.72% at 25,901.99 points, while the Hang
Seng China Enterprises index fell 0.53% to 9,291,71.
** For the week, the HSI index gained 1.95%.
** The sub-index of Hang Seng tech shares ended
1.07% lower, while the financial sector fell 0.18%.
** Data on Thursday showed the number of Americans filing
new claims for jobless benefits fell last week, although the
focus will be on the Labor Department's monthly jobs report to
set the stage for the Fed's policy meeting later this month.
** Alibaba was among the main drags on Friday
after the company said it would invest 100 billion yuan ($15.49
billion) by 2025 in support of "common prosperity", raising
concerns over possible impact on the company's balance sheet and
new crackdown on the tech sector, some analysts said.
** Other companies that have made similar announcements
include Tencent Holdings, which also pledged 100
** Losses were somehow capped by Chinese brokerage shares
after China's President Xi Jinping said the country would set up
a stock exchange in its capital, Beijing, to serve small- and
** Shares of Hong Kong-listed Chinese brokerages, including
Shenwan Hongyuan Group Co and CICC jumped,
with investors betting they will benefit from more initial
($1 = 6.4552 Chinese yuan)
(Reporting by the Shanghai Newsroom, Editing by Sherry