* HSI -1.6 pct, H-shares -1.6 pct, CSI300 -0.2 pct
* HSBC share price knocked off 11-mth closing high
* ANTA Sports climbs ahead of H1 earnings
* Zhaojin Mining sinks after negative profit warning
By Clement Tan
HONG KONG, Aug 6 Hong Kong shares sank on
Tuesday, pulled down by a 4.7 percent tumble for index
heavyweight HSBC Holdings after its first half earnings
At midday, the Hang Seng Index declined 1.6 percent
to 21,877.2 points. The China Enterprises Index of the
top Chinese listings in Hong Kong also shed 1.6 percent.
The last day on which the HSI fell more than 1 percent was
The Shanghai Composite Index and the CSI300
of the leading Shanghai and Shenzhen A-share listings
each slipped 0.2 percent. If losses hold, this will be their
first declines in six sessions.
"HSBC is taking everybody down with it today," said Linus
Yip, a strategist with First Shanghai Securities. "Yes, their
earnings may have missed, but HSBC shares had also jumped quite
a fair bit leading into their earnings announcement."
Tuesday's losses knocked shares of HSBC off
Monday's 11-week closing high after they soared 13 percent from
a June 24 low. After the Hong Kong market closed Monday,
Europe's largest bank reported $14.1 billion in pretax profit in
the first half, less than an expected $14.6 billion.
HSBC's rival Standard Chartered (StanChart), due
to report its interim earnings later on Tuesday, fell 1.4
percent after closing on Monday at a nine-month high. Down
almost 8 percent on the year, StanChart is now trading at 9.5
times forward 12-month earnings, according to Thomson Reuters
In the past 30 days, three of 17 analysts have downgraded
their full year earnings-per-share estimates for StanChart by an
average of 1.4 percent, according to StarMine.
ANTA Sports climbed 2 percent after earlier
testing its highest since March 2012 ahead of its interim
earnings release. Hopes are high that they will show that the
inventory woes hurting Chinese sporting brands are dissipating.
Chinese property A-shares were hurt on Tuesday by a report
in the official China Securities Journal, citing a director at
the top economic planning agency as saying Beijing should
persevere with policies to regulate and control the property
China Vanke dropped 2.2 percent in Shenzhen,
while Poly Real Estate sank 2.3 percent in Shanghai.
Miners declined after a profit warning from gold miner
Zhaojin Mining and a report in the official Shanghai
Securities News that China's environment ministry will toughen
emission standards for six base metal industries as part of
Beijing's anti-pollution efforts.
Zhaojin dived 3.7 percent in Hong Kong, while Zijin Mining
shed 3 percent in Hong Kong and 1.2 percent
Chinese dairy counters Yashili International fell
4.4 percent, while Biostime sank 3.6 percent before
trading was suspended in Hong Kong in mid-morning, pending an
announcement related to an investigation by Beijing's top
economic planning agency.