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Monday, December 5, 2016, 17:06

Stocks hit 2-week low on Italian 'no' vote

By Reuters

Hong Kong stocks closed at two-week lows on Monday as the launch of the Shenzhen-Hong Kong investment link received a muted response, with risk appetite curbed by the Italian referendum result and a tumble in mainland shares.

The main index in Hong Kong fell 0.3 percent, to 22,505.55 points at the close, while the Hong Kong China Enterprises Index lost 0.7 percent, to 9,711.80 points.

The broader Asian market fell after Italian Prime Minister Matteo Renzi resigned after voters rejected his constitutional reform plan, knocking down the euro and raising fears the political crisis could destabilise a shaky banking sector in the euro zone's third biggest economy.

An index tracking Hong Kong's small caps closed nearly 0.4 percent lower on Monday, wiping out earlier gains.

Most sectors lost ground in Hong Kong, with an index tracking mainland property developers listed in the city among the worst casualties, falling over 2 percent. The slide was partly driven by a 7.5 percent slump in Vanke , which has been at the centre of a bidding war for management control.

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