* HSI -0.6 pct, H-shares -0.4 pct, CSI300 -0.6 pct
* Commodities sectors spiral downwards as physical markets
* China cement climbs on rising prices, declining
* Lenovo rebounds after three straight daily losses
By Clement Tan
HONG KONG, April 16 Hong Kong shares sank to a
near five-month low on Tuesday, while mainland China markets
lingered at their lowest since Christmas as a downward spiral
for commodities counters extended into a fourth day for some.
Losses for Jiangxi Copper and Zijin Mining
again came in robust volumes, standing out against
broader bourse volumes in both Hong Kong and China that stayed
way below their respective averages for the last month.
At midday, the Hang Seng Index was down 0.6 percent
at 21,648.2, after earlier testing its 200-day moving average at
about 21,462.1, also its lowest since November.
A close below this key long-term technical level on the Hang
Seng Index could point to further losses ahead. The China
Enterprises Index of the top Chinese listings in Hong
Kong slipped 0.4 percent.
The Shanghai Composite Index and the CSI300
of the leading Shanghai and Shenzhen A-share listings
each shed 0.6 percent to their lowest since Christmas, both
headed for a fourth-straight daily loss.
"It's a sell-off, but not quite a panic," said Jackson Wong,
Tanrich Securities' vice-president for equity sales. "There're
actually some funds rotating into non-commodities sectors after
losses in the last few days."
Jiangxi Copper tumbled 4.3 percent to its lowest
since October 2011 in Hong Kong and 2.6 percent in Shanghai
after Shanghai copper prices fell to an 18-month trough.
China's biggest gold miner Zijin Mining fell 3
percent in Hong Kong and 3.1 percent in Shanghai. Zijin is set
for a fourth day of losses and has now lost 12.4 percent in Hong
Kong and 10 percent in Shanghai in that time.
Chinese oil majors were broadly weaker. CNOOC Ltd
slid 1.8 percent to its lowest since June. PetroChina
shed 1.8 percent in Hong Kong and 0.2
percent in Shanghai.
PATCHES OF STRENGTH ABOUND
Chinese property A shares were again strong after Monday's
underwhelming data for first quarter GDP growth eased some
concerns about property tightening. March home price data is due
on April 18.
Further buoying sentiment, a front-page editorial in the
official China Securities Journal on Tuesday said the central
government should fine tune policy adjustments in response to
slowing economic growth but should be cautious about using
interest rates and or exchange rate tools.
China Vanke rose 1.9 percent in Shenzhen but
remained bound in the range it has traded since the start of
March when the central government announced guidelines for more
Chinese building materials producers were also strong. Anhui
Conch Cement rose 0.9 percent each in Hong
Kong and Shanghai as cement prices in the mainland continued to
rise and inventories dropped to a four-month low, according to
Chinese personal computer maker Lenovo Group is
headed for its first daily gain in four days, having rebounded
1.4 percent at midday from Monday's 4-1/2-month closing low in