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HK shares open at lowest level since March 25

Tue Jul 1, 2008 10:01pm EDT

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HONG KONG, July 2 (Reuters) - Hong Kong shares opened down 1.4 percent on Wednesday, starting the second half of 2008 on a low note, with caution over record high oil prices and resultant inflationary pressures driving investors away from the market.

China

Offshore oil producer CNOOC (0883.HK) climbed 2.7 percent to its highest level in nearly a month after crude oil prices topped $143 per barrel overnight on supply concerns.

The Hang Seng Index .HSI is down 316.62 points at 21,785.39, its lowest level since March 25. The market was closed on Tuesday for a public holiday.

The China Enterprises Index .HSCE of top locally-listed Chinese firms fell 1.7 percent.

(Reporting by Parvathy Ullatil; Editing by Keiron Henderson)

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