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Friday, October 7, 2016, 17:07

Stocks slip as recent gains locked in before US job data

By Reuters

Hong Kong stocks slipped on Friday, pulled down by consumer and energy shares as investors locked in gains ahead of a long weekend and U.S. job data that could give clues on when the Federal Reserve hikes interest rates.

The benchmark Hang Seng Index declined 0.4 percent to 23,851.82 points, snapping a four-day streak of advances. The China Enterprises Index dropped 0.2 percent to 9,923.82 points.

For the week, Hang Seng Index finished up 2.4 percent and the Chinese companies index rose 3.6 percent, their biggest weekly gains in four weeks.

Analysts said they anticipated mainland support for Hong Kong shares after Chinese markets reopen on Monday following a week-long holiday.

Hong Kong's market will be closed on Monday for a holiday.

On Friday, shares of Mengniu Dairy and China Resources Power, which rallied recently, fell 1.6 percent and 0.9 percent respectively.

Financials stocks added to declines, with Bank of Communications falling 1 percent and Ping An down 0.2 percent.

News that three more Chinese cities are joining 14 others in setting curbs on home-buying to prevent a bubble weighed on property developers. Shares of China Resources Land and China Overseas Land declined more than 1 percent.

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