* HSI -0.1 pct, H-shares -0.7 pct, CSI300 -0.4 pct
* Chinese port-related shares up on plan for Yangtze River
* Property shares decline in mainland, Hong Kong
(Updates to midday)
By Grace Li
HONG KONG, June 12 Hong Kong slipped on
Thursday, joining other Asian markets after Wall Street stepped
back from record levels.
China shares edged down as optimism brought by Beijing's
mini-stimulus measures faded, though port shares outperformed
after the State Council detailed a plan to develop an economic
zone along the country's longest waterway.
At midday, the Hang Seng Index had inched down 0.1
percent to 23,226.21 points. The China Enterprises Index
of the top Chinese listings in Hong Kong shed 0.7 percent.
The CSI300 of the leading Shanghai and Shenzhen
A-share listings fell 0.4 percent, while the Shanghai Composite
Index slipped 0.2 percent at 2,050.27 points.
"Sector rotation is driving the Hong Kong market. People are
reshuffling their portfolios, probably because of the
quarter-end approaching," said Alex Wong, director of asset
management at Ample Finance Group.
Hong Kong developers, recent outperformers which fell on
Wednesday, were weak again in the morning. Hang Lung Properties
lost 1.3 percent and bigger rival Cheung Kong
Holdings was off 1.0 percent.
In China, property sector was the biggest drag, with China
Vanke and Poly Real Estate Group down
2.1 and 2.5 percent, respectively.
Shares of port groups soared after Beijing unveiled plans to
develop the Yangtze river region, with Ningbo Marine
surged by 10 percent, the maximum allowed, to a 7-week high.
Ningbo Port gained 3.1 percent and Shanghai
International Port Group 1.5 percent.
Chinese Premier Li Keqiang said on Wednesday the government
should develop a comprehensive transport network in order to
create an "economic belt" along the Yangtze river, according to
the government's official website. (link.reuters.com/peq99v)
Shares of Weiqiao Textile fell 7.1 percent to
their lowest in 16 months after the cotton yarn and fabric
producer warned of a significant profit drop profit for the
half-year ending in June as the Chinese government's
cancellation of its national cotton temporary reserve policy hit
sales and textile products prices.
Inner Mongolia Yili Industrial Group, the
biggest CSI300 boost, rose 1.7 percent after one of its brands
secured the title sponsorship for a popular TV show in the
mainland, local media said.
(Additional reporting by Donny Kwok; Editing by Richard Borsuk)