for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up

Hong Kong stocks slip on profit-taking

* HK->Shanghai Connect daily quota used 17.1%, Shanghai->HK daily quota used -1.3%

* HSI -0.2%, HSCE -0.1%, CSI300 +0.3%

* FTSE China A50 +0.2%

May 27 (Reuters) - Hong Kong stocks closed lower on Thursday, pressured by losses in the financial and property sector, as investors booked profits following a recent run of gains.

** At the close of trade, the Hang Seng index was down 52.81 points, or 0.18%, at 29,113.20. The Hang Seng China Enterprises index inched down 0.07% to 10,848.35.

** The IT sector dipped 0.66%, financial stocks ended 0.51% lower and property firms lost 0.13%.

** The retreat came after a two-day rally that saw the Hang Seng index climb nearly 3% amid fading worries over inflation at home and abroad.

** Earnings at China’s industrial firms grew at a slower pace in April, data showed, with high commodity prices and weaker performance in the consumer goods sector limiting overall profitability from manufacturing.

** Investor focus was also on developments surrounding Sino-U.S. relations.

** China and the United States should work together to push for the implementation of a Phase 1 trade deal, commerce ministry spokesman Gao Feng told a news conference.

** The Hang Seng tech index, sensitive to Sino-U.S. relations, added 0.6%.

** Shares of Chinese smartphone maker Xiaomi Corp closed up 3.2%, after reporting forecast-beating first-quarter revenue growth of 55% on Wednesday.

** China’s main Shanghai Composite index closed up 0.43% at 3,608.85 points, while the blue-chip CSI300 index ended up 0.33%.

** Around the region, MSCI’s Asia ex-Japan stock index was firmer by 0.01%, while Japan’s Nikkei index closed down 0.33%.

** The yuan was quoted at 6.3767 per U.S. dollar at 0821 GMT, 0.23% firmer than the previous close of 6.3915. (Reporting by the Shanghai Newsroom; Editing by Devika Syamnath)

for-phone-onlyfor-tablet-portrait-upfor-tablet-landscape-upfor-desktop-upfor-wide-desktop-up