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Tuesday, November 29, 2016, 16:37

Stocks fall, energy shares weigh

By Reuters

Hong Kong markets fell on Tuesday, weighed down by energy shares as oil prices dropped on doubts that producer cartel OPEC would hammer out an output cut this week.

Investors' risk appetite was also curbed by a lacklustre performance in global equity markets overnight.

Wall Street suffered its worst performance in nearly a month, while European stocks also softened, led by a slump in Italian banks as political risk resurfaced in Europe ahead of a referendum in Italy this weekend.

The benchmark Hang Seng index ended down 0.4 percent at 22,737.07 points, while the China Enterprises Index lost 0.3 percent to 9,846.21.

The Organization of the Petroleum Exporting Countries (OPEC) will meet in Vienna to discuss a planned production cut in an effort to curb overproduction that had dogged markets and more than halved prices since 2014. The uncertainty has prompted oil price to fall.

Sentiment was also dampened by falling coal prices. The mainland's thermal coal futures lost nearly 3 percent to a 5-1/2-week low. Index heavyweight China Shenhua Energy Co Ltd slid 1.5 percent.

Sector performance was mixed, with energy and raw material shares sliding and industrial and utilities gaining.

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