Hong Kong stocks fall as tech shares drag ahead of Fed rate decision

Hong Kong stocks fell on Wednesday, with losses in tech shares overshadowing gains in banks, as investors awaited interest-rate decision from the U.S. Federal Reserve, and stayed on the sideline ahead of China's open after holiday. ** The Hang Seng Index fell 1.1% to 20,869.52, ending its five winning streak. The Hang Seng China Enterprises Index dropped 1.78% to 7,137.63, marking its biggest daily percentage decline since April 25.

** Mainland Chinese markets are closed for a holiday. Trading will resume on Thursday. ** DBS revised lower its full-year economy forecasts for Mainland China to 4.8% from 5.3% and Hong Kong's growth to 1.7% from 2.4%, saying China's economic condition remains clouded by renewed COVID outbreak while social distancing measures dents consumption.

** The sub-index of the Hang Seng tracking energy shares dipped 0.5%, the IT sector dipped 3.35%, and the Hang Seng Tech Index dropped 3.1%, while the financial sector edged up 0.02% and the property sector climbed 0.33% ** The top gainer on the Hang Seng Index was ENN Energy Holdings Ltd, which gained 2.73%, while the biggest loser was Alibaba Health Information Technology, which fell 7.48%. ** HSBC Hong Kong shares rose as much as 3.1% after it said it will commence a share repurchase of up to $1 billion and has entered into agreements with Merrill Lynch International to handle the buyback beginning on May 4.

** Shares of China's Meituan fell 4.58% and JD Health International plunged 12.97% as their shareholders cut long positions. ** Mainland developers trading in Hong Kong slipped 1%

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