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** Shares of Hong Kong Exchanges and Clearing Ltd fall as much as 4.7% to HK$493, their biggest daily percentage decline since July 27

** Stock is the biggest percentage decliner on the Hang Seng Finance Index and the fourth-biggest decliner on the benchmark Hang Seng Index

** UBS maintains "buy" rating on the stock saying potential market expansion and composition improvement are not yet fully priced in, but it cut TP to HK$592 from HK$604 to reflect slight earnings revision

** Brokerage Nomura maintains "neutral" on the stock but trims TP to HK$511.80 from HK$514.30 saying H1 earnings is below forecast amid lower investment gains

** Hong Kong Exchanges, which posted a 26% rise in first-half profit on Wednesday, said Q2 and start of Q3 trading volumes returned to similar levels as H2 2020

** Hong Kong Exchanges head also expects flood of Chinese company listings on the exchange due to regulatory changes on the mainland and in the United States

** The Hang Seng Finance Index slips 0.8% and the benchmark index eases 0.1%

** As of last close, the stock had surged 21.8% this year