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Shares close down, tech sector weak

Ben Bassey

July 22, 2015 9:51 AM

Almost all sectors ended lower.

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Hong Kong stocks fell on Wednesday, tracking losses in overseas markets, with tech shares leading the decline.

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The Hang Seng index fell 1.0 percent, to 25,282.62, while the China Enterprises Index lost 1.2 percent, to 11,734.27 points.

Market sentiment was dampened by weakness in global markets.

U.S. stocks closed lower on Tuesday as results from IBM and United Technologies hit early optimism over the earnings season, while major tech shares declined in after-the-bell trading.

Analysts said Hong Kong shares don't face systemic risk, and the Hang Seng has strong technical support around 25,000 points.

The telecommunications index was down 1.2 percent, while the IT index dropped 1.6 percent. The financial sub-index lost 1.2 percent.

Ben Bassey

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