Hong Kong shares slip on profit-taking, poor earnings

HONG KONG Wed Aug 27, 2014 4:11am EDT

HONG KONG Aug 27 (Reuters) - Hong Kong shares finished lower on Wednesday, hit by afternoon session losses as investors took profit on recent outperformers and sold shares in companies with weak earnings.

The Hang Seng Index ended 0.6 percent lower at a nearly two-week closing low of 24,918.75 points. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong was down 0.5 percent, snapping a three-day winning streak.

Asia insurance giant AIA Group, which reached a record high on Monday, lost 1.2 percent. Sinopec Corp was pulled down a further 1.3 percent from its 6-1/2-year high also hit on Monday.

Guangzhou Automobile Group sank 5.7 percent after its first-half earnings report on Tuesday failed to show positive growth prospects for the company. That was the same with Want Want China, which slid 2.1 percent to a two-month low.

China Oilfield Services was a key outperformer, jumping 8.5 percent to a 6-month high. The company posted a 39 percent rise in first-half profit late on Tuesday. (Reporting by Grace Li; Editing by Jacqueline Wong)

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