* HSI -0.2 pct, H-shares -0.4 pct, CSI300 -0.8 pct
* China telcos weak on profit-taking after last week's gains
* Belle leads China consumer rebound, CS ups target price
* Dongfeng posts best day in a year on reported new Renault
By Clement Tan
HONG KONG, Nov 26 Hong Kong shares fell for the
first time in four days on Thursday, weighed by a sluggish
onshore Chinese market as investors took profits on last week's
outperformers including telecoms.
The Hang Seng Index closed down 0.2 percent at
21,861.8, finishing at the day's low. The China Enterprises
Index of the top Chinese listings in Hong Kong shed 0.4
In the mainland, the CSI300 Index of the top
Shanghai and Shenzhen listings slipped 0.8 percent, while the
Shanghai Composite Index shed 0.5 percent. Both have
been trading in a tight 40-50 point range for more than a week.
Shanghai volume neared three-month lows and was some 18
percent below its average in the past month. Turnover in Hong
Kong was about 13 percent below its 30-day moving average, the
lowest in a week.
"There's some pretty heavy profit taking today after last
week's strength...with A-shares still sluggish," said Jackson
Wong, Tanrich Securities' vice-president for equity sales.
Beijing is expected to post on Tuesday cumulative industrial
profits data for the year up to the end of October that could
offer further clues on the strength of the recovery in the
world's second-largest economy.
Shares of Chinese telcos in Hong Kong eased on Monday after
outperforming last week. China Unicom and China
Telecom shed 0.5 and 1.8 percent from respective
two-week highs set last Friday.
Their larger rival, China Mobile slipped 0.4
percent and was among the top drags on the Hang Seng Index after
jumping 3.7 percent last week.
Chinese alcohol producers, hammered last week by a
contamination scare involving Jiugui Liquor, were
broadly weaker in mainland markets, failing to hold onto gains
from a rebound on Friday.
Jiugui tumbled the maximum 10 percent in Shenzhen, while
sector heavyweights Kweichow Moutai and Wuliangye
each shed 2.3 percent.
CHINA CONSUMER SECTOR REBOUND
The Chinese consumer sector, which had underperformed the
market in the past week after a series of disappointing earnings
from sector bellwethers, was broadly stronger on Monday.
Chinese food and beverage giant Tingyi Holdings
rose 2.3 percent, recovering from a 6.2 percent dive last week
after its third-quarter corporate earnings underwhelmed
China-focused shoe retailer Belle International
jumped 3.1 percent to HK$16.18 after Credit Suisse analysts
upped their target price for the stock by 11.5 percent from
HK$16.60 to HK$17.50, while retaining an "outperform" rating.
Chinese automaker Dongfeng Group soared 8.3
percent in Hong Kong in its best day in a year, hitting its
highest level since August.
Local media reported French carmaker Renault SA is
planning to launch a joint venture to build cars in China with
the country's second-largest automaker.