Tencent drags Hong Kong shares down

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HongKong111

Hong Kong - Hong Kong shares finished lower on Thursday, as gains from a stronger Chinese insurance sector narrowed in the afternoon and were outweighed by weaker index heavyweight Tencent.

The Hang Seng Index closed down 0.3 percent at 23,010.14 points.

The China Enterprises Index of the leading offshore Chinese listings in Hong Kong inched down 0.1 percent.

Tencent Holdings shed 3.1 percent, the biggest drag on Hong Kong's benchmark index.

China's state media reported this week China will begin a month-long crackdown on the company's popular WeChat messaging application, the latest in a series of curbs on online freedom of expression.

Chinese insurers rose after Morgan Stanley upgraded the sector.

China Life Insurance added another 1.0 percent after Wednesday's 3 percent jump, closing at its highest since April 17. - Reuters



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