By Summer Zhen HONG KONG, Oct 3 (Reuters) – Hong Kong stocks fell on Friday as investors locked in gains after the index hit a new four-year high in the previous session. ** By the lunch break, the Hong Kong benchmark Hang Seng was down 0.87%. ** Shares of tech giants, which had surged in the previous session, led the declines on Friday, falling 1.4%. ** Automakers BYD and Xpeng dropped 4.5% and 3.9%, respectively. ** Hong Kong-listed mainland property firms were also among the worst performers, down 1.5%. ** Market participants attributed Friday's decline to some profit-taking, given the Hang Seng has logged five straight monthly gains since May and has surpassed the key 27,000 level. ** Short-term volatility aside, some analysts believe Hong Kong stocks' bull run still has legs. ** "Valuations in Chinese equities remain very attractive and the rapid development of the country's huge tech sector has generated a lot of interest," Sandy Pei, senior portfolio manager for Asia ex-Japan at Federated Hermes, said in a note. ** Mainland China markets are closed from October 1 to 8 for the Golden Week holiday. (Reporting by Summer Zhen; Editing by Sonia Cheema)
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