Hong Kong stocks end week lower amid uptick in virus cases

Hong Kong stocks ended weaker on Friday to finish the week lower, as worries persisted over the impact from the coronavirus outbreak even as Beijing unveiled stimulus to shore up the world's second-largest economy.

** The Hang Seng index closed 1.1% lower at 27,308.81, while the China Enterprises Index lost 1.1% to 10,790.84 points.

** China reported an uptick in new cases of coronavirus on Friday although the rise in infections remained at its slowest pace since January, a downward trend which the World Health Organization has called encouraging.

** In Hong Kong, authorities reported the first case of a police officer to have contracted the coronavirus. The outbreak has broadened discontent with the city's leadership and Beijing's influence.

** Despite broad risk sentiment stabilization earlier in the week, pockets of concern continue to be present across parts of Asia on the back of the coronavirus concerns, dampening equity performance, IG market strategist Jingyi Pan noted in a report.

** To cushion the economic impact of the coronavirus outbreak, China has rolled out a raft of supportive measures, and expectations are running high for further policy easing.

** As widely expected, the People's Bank of China slashed a key benchmark rate this week and said it would extend credit, provide favorable loans or rates to firms involved in controlling the epidemic. The Chinese commerce ministry said on Friday it will speed up studying new fiscal, tax financial, insurance measures to support companies to counter the impact of the epidemic.

** The sub-index of the Hang Seng tracking energy shares dipped 0.7%, while the IT sector dipped 1.72%, the financial sector ended 0.8% lower and the property sector dipped 1.5%.

** The top gainer on the Hang Seng was Hengan International Group Company Ltd, which gained 0.58%, while the biggest loser was Sands China Ltd, which fell 3.39%.

** China's main Shanghai Composite index closed up 0.31% at 3,039.67 points, while the blue-chip CSI300 index ended up 0.12%.

** Around the region, MSCI's Asia ex-Japan stock index was weaker by 1.04%, while Japan's Nikkei index closed down 0.39%.

** The top gainers among H-shares were China Gas Holdings Ltd up 1%, followed by Anhui Conch Cement Co Ltd, gaining 0.71% and Hengan International Group Company Ltd, up by 0.58%.

** The three biggest H-shares percentage decliners were China Resources Beer Holdings Co Ltd, which ended down 4.05%, Sunac China Holdings Ltd, which fell 3.03% and CITIC Ltd, down by 2.52%.

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