Hong Kong shares close lower as tech, healthcare stocks weigh

** The Hang Seng Mainland Property index lost 1.3%, as a recent planned pilot real-estate tax scheme dented risk appetite in the sector. ** Although banks have been requested by Beijing to avoid overly severe property curbs, Nomura said "it's still fine-tuning, not outright easing".

Hong Kong shares ended lower on Monday, dragged by tech and healthcare shares, as China's latest oversight framework on its tech sector spooked its internet giants. The Hang Seng index fell 0.9%, to 25,154.32, while the China Enterprises Index lost 0.7%, to 8,899.32 points.

** The Hang Seng Tech index lost 1.5% after China's market regulator proposed a long list of responsibilities it said it wanted the country's internet platforms to uphold. ** The healthcare sub-index slumped 3.8%. Alibaba Health Information Technology Ltd and Wuxi Biologics Inc plunged 8.1% and 5.8% respectively, making them the top two percentage decliners on the Hang Seng index.

** Consumer discretionary and consumer staples stocks finished down more than 1% each, as China is combating small-scale COVID-19 outbreaks mainly in the north, which also weighed on domestic services PMI in October. ** The Hang Seng Mainland Property index lost 1.3%, as a recent planned pilot real-estate tax scheme dented risk appetite in the sector.

** Although banks have been requested by Beijing to avoid overly severe property curbs, Nomura said "it's still fine-tuning, not outright easing". ** The Hang Seng Finance Index edged up 0.3%, after China's top banks saw third-quarter profits jump more than 10% as bad loans held steady.

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