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Hong Kong shares slip, tech index falls most in nearly 12 years on regulatory woes

* HSI -0.3%, HSCE -0.4%, CSI300 -1%

* HSCIIT drops the most in a day since Q4 2008

* Alibaba falls 9.8%, the most on Hang Seng

BEIJING/SHANGHAI, Nov 11 (Reuters) - Hong Kong shares closed lower on Wednesday, dragged by tech shares on concerns about tighter regulations over big tech giants such as Alibaba Group .

** At the close of trade, the Hang Seng index was down 74.50 points, or 0.28%, at 26,226.98. The Hang Seng China Enterprises index fell 0.43% to 10,541.34. ** The sub-index of the Hang Seng tracking the IT sector dipped 7.97%, the worst intraday loss since Nov. 22, 2008. ** Hong Kong-listed tech giants fell after China published draft rules aimed at preventing monopolistic behaviour by internet platforms. ** The concerns offset optimism about consumption rebound from the COVID-19 pandemic as Alibaba recorded billions in sales during its Singles’ Day mega-shopping festival. ** The biggest loser on the Hang Seng was Alibaba, which fell 9.8%.

** Hang Seng’s financial sector ended 1.61% higher, the property sector rose 3.23% and the sub-index tracking energy shares rose 4.1%.

** China’s main Shanghai Composite index closed down 0.53% at 3,342.20, while the blue-chip CSI300 index ended down 0.99%. ** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 0.64%, while Japan’s Nikkei index closed up 1.78%. ** The yuan was quoted at 6.6069 per U.S. dollar at 0809 GMT, 0.14% firmer than the previous close of 6.616. (Reporting by Zhang Yan in Beijing, and Andrew Galbraith in Shanghai; Editing by Rashmi Aich)

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