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Shares fell in Hong Kong on Thursday as a poor showing from Chinese financial and tech stocks dragged on the markets.
Hong Kong’s benchmark Hang Seng index dropped 1 per cent, just a day after it closed above the 30,000 level for the first time in more than a decade and despite bullish sentiment that the momentum would continue.
Tech giant and index heavyweight Tencent, which on Monday became the first Chinese company with a stock market capitalisation of more than $500bn, was among the biggest decliners on Thursday, losing 1.7 per cent.
The Hang Seng China Enterprises index, composed of Hong Kong-listed large-cap Chinese companies, was down 1.9 per cent. China Pacific Insurance Group and New China Life Insurance were the worst performers, each falling 4.7 per cent.
The main bourses in China fared worse, with the Shenzhen and Shanghai Composite indices dropping 2.9 per cent and 2.3 per cent respectively.
The Japanese market was closed on Thursday and the S&P/ASX 200 in Sydney was flat as gains from miners were offset by a soft day for the consumer, financial and telecommunications segment.