HK stocks fall as coronavirus concerns outweigh China recovery hopes

Hong Kong stocks fell on Tuesday as growing concerns over the coronavirus pandemic outweighed China recovery optimism. ** But stocks erased gains as investors weighed China growth optimism against pandemic threats. Compared with mainland China, Hong Kong is more open, thus more vulnerable to global resurgence. ** Global coronavirus deaths surpassed the 1-million mark as the pace of fatalities pick up and infections again surge in several countries.

Hong Kong stocks fell on Tuesday as growing concerns over the coronavirus pandemic outweighed China recovery optimism. ** The Hang Seng index fell 0.9% to 23,275.53, while the China Enterprises Index dropped 1.1% to 9,281.52 points.

** The market rose in early trading on China recovery hopes. China's factory activity likely expanded at a slightly faster pace in September, a Reuters poll showed. ** But stocks erased gains as investors weighed China growth optimism against pandemic threats. Compared with mainland China, Hong Kong is more open, thus more vulnerable to global resurgence.

** Global coronavirus deaths surpassed the 1-million mark as the pace of fatalities pick up and infections again surge in several countries. ** Index heavyweight HSBC Holdings was also a drag, dropping 2.6% after Monday's 9.2% surge.

** Untility, finance and consumer sectors were among the worst performers. ** Investors remain cautious as the U.S. Presidential election nears, and as lawmakers continue efforts to cobble together additional economic stimulus.