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Tencent’s Disappointing Results Drag Down Hong Kong Shares

November 17, 2016

3rd World Internet Conference - Day 13rd World Internet Conference - Day 1
A speech about WeChat by Tencent is delivered at the 3rd World Internet Conference (WIC) on Nov. 16, 2016 in Jiaxing, Zhejiang, China. VCG VCG via Getty Images

Hong Kong’s benchmark Hang Seng Index edged lower on Thursday, with continued strength in the U.S. dollar hurting sentiment in Asia, but the decline was limited by strength in the services sector.

The benchmark Hang Seng index fell 0.1%, to 22,262.88, while the China Enterprises Index lost 0.4%, to 9,326.54 points.

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An index tracking Hong Kong-listed technology firms lost nearly 1% on Thursday, weighed down by Tencent Holdings which dropped over 1% on worse-than-expected third quarter results released after the market close on Wednesday.

The service sector was the top performer, aided by heavyweight Sands China (SCHYF) which jumped nearly 5%.