Tech giants drag Hong Kong shares lower ahead of earnings

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Nov 17 (Businesshala) – Hong Kong shares fell lower on Wednesday, weighed down by the tech giant ahead of third-quarter earnings reports.

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The Hang Seng index fell 0.3% to 25,650.08, while the China Enterprises index fell 0.4% to 9,193.21.

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** The Hang Seng Tech Index fell 0.6%, with food delivery company Meituan and e-commerce giant Alibaba Group down 1.6% and 0.2%, respectively.

** Alibaba is expected to report its earnings results on Thursday, while Meituan will likely release its results in late November.

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** Online gaming and tech company NetEase Inc. went down 3.6% as earnings missed analysts’ forecasts.

** The financial sub-index shed 0.3%, insurer AIA down 0.6% and the Hang Seng index down 11 points.

** Mainland property developers listed in Hong Kong fell 1.7%, with Country Garden Services Holdings falling 4.2% to become the second biggest percentage drop on the Hang Seng Index.

** China Media reported that Evergrande Group has dissolved several district-level units of an online real estate and automobile marketplace due to shrinking capital and business. (Reporting by Shanghai Newsroom; Editing by Subhranshu Sahu)

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