* HSI -0.6 pct, H-shares -1.1 pct, CSI300 +0.1 pct
* Chinese port firms rise on policy support expected on
* HSBC slips after UK fund manager dumps shares
* CNBM leaps helped by Credit Suisse upgrade
(Updates to midday)
By Grace Li
HONG KONG, Sept 2 Hong Kong shares fell to
three-week lows on Tuesday weighed down by profit-taking, while
the Chinese onshore markets eked out slim gains thanks to
outperforming port and liquor stocks.
By midday, the Hang Seng Index was down 0.6 percent
at 24,613.83 points. The China Enterprises Index of the
top Chinese listings in Hong Kong shed 1.1 percent to its lowest
since Aug. 8.
The CSI300 of the leading Shanghai and Shenzhen
A-share listings inched up 0.1 percent, while the Shanghai
Composite Index rose 0.3 percent at 2,242.24 points.
Both swung between negative and positive territory in morning
"Hong Kong has seen some profit-taking above the
25,000-point level," said Steven Leung, sales director at
brokerage UOB Kay Hian in Hong Kong. "At the moment we don't see
any positive news other than some good earnings... so people are
just taking a break before the market moves on."
"The so-called 'Occupy Central' may be serving as an excuse
for people to be more cautious," he added.
Activists from a movement called Occupy Central have
threatened to lock down Hong Kong's financial district on an
unspecified date unless Beijing grants full democracy.
Beijing on Sunday ignored calls by democrats for the right
to freely choose Hong Kong's next leader in 2017, leading scores
of protesters to take to the streets.
HSBC Holdings PLC was the top drag on the Hang
Seng, down 0.8 percent. Star British fund manager Neil Woodford
sold his fund's stake in the bank last month, citing concerns
about the impact of potential fines from several industry-wide
investigations on the group.
Similarly, shares of China Modern Dairy lost 2.1
percent after U.S. private equity firm KKR & Co LP sold its
remaining stake in the company.
Port operators, likely to benefit from a policy announcement
expected on Wednesday to support the country's shipping
industry, posted solid gains.
Shanghai International Port Group climbed 2.2
percent, Yingkou Port Liability soared the daily
limit of 10 percent, and Tangshan Port 8.7 percent.
Top index boost Kweichow Moutai gained 2.3
percent, leading gains among Chinese liquor makers.
China National Building Material outperformed
among the mostly sagging H-shares, spiking 4.2 percent after
Credit Suisse upgraded the stock from "neutral" to "outperform".
Trading in shares of Tianhe Chemicals Group was
suspended in Hong Kong following a 5 percent fall after research
firm Anonymous Analytics released a report on Monday alleging
fraud at the company.
(Editing by Simon Cameron-Moore)