Hong Kong stocks fall, but post monthly gain on tech strength

Hong Kong stocks fell on Friday, tracking other Asian markets' declines on worries over next week's U.S. presidential election and a shaky global economic outlook, but strength in tech companies led to monthly gains. ** At the close of trade, the Hang Seng index was down 1.95% at 24,107.42.

Hong Kong stocks fell on Friday, tracking other Asian markets' declines on worries over next week's U.S. presidential election and a shaky global economic outlook, but strength in tech companies led to monthly gains.

** At the close of trade, the Hang Seng index was down 1.95% at 24,107.42. The Hang Seng China Enterprises index fell 1.96% to 9,760.24. ** The sub-index of the Hang Seng tracking energy shares dipped 1.3%, while the IT sector dipped 2.29%, the financial sector ended 2.33% lower and the property sector dipped 0.56%.

** For the month, HSI added 2.8%, while HSCE climbed 3.9%. ** Record numbers of coronavirus cases worldwide and the Nov. 3 U.S. presidential election remained the major focus for investors. On Wednesday, global coronavirus cases rose by more than 500,000 for the first time, with France and Germany prepping fresh lockdowns.

** China will set detailed economic targets for 2021-2025 to help promote higher quality growth, following a meeting of top Chinese leaders, the vice head of the country's state planner said on Friday. ** China aims for sustained and healthy economic development in the next five years, with an emphasis on higher quality growth, the ruling Communist Party's Central Committee said in a communique published on Thursday, after a conclave.

** Leading the gains for the month, the Hang Seng tech index gained 6.3% in October. ** Alibaba's Hong Kong shares rose 6.4% for the month ahead of Ant Group's IPO, while tech giant Tencent jumped 15.5%.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 0.28%, while Japan's Nikkei index closed down 1.52%. ** The yuan was quoted at 6.699 per U.S. dollar at 08:30 GMT, 0.25% firmer than the previous close of 6.7161.

(This story has not been edited by Devdiscourse staff and is auto-generated from a syndicated feed.)