* HSI -0.2 pct, H-shares -0.4 pct, CSI300 -0.8 pct
* Sands China down to 3-week low as Q2 earnings disappoint
* PetroChina drops after report on detention of two
* Kunlun Energy jumps 6.1 percent to one-month high
(Updates to midday)
By Grace Li
HONG KONG, July 17 China shares slid on
Thursday, pulling down Hong Kong markets, as investors moved
from blue-chips to some beaten-down growth stocks and keep money
aside for new initial public offerings (IPOs).
At midday, the Hang Seng Index was down 0.2 percent
at 23,468.21 points, after rising the previous three sessions.
The China Enterprises Index of the top Chinese listings
in Hong Kong fell 0.4 percent.
The CSI300 of the leading Shanghai and Shenzhen
A-share listings and the Shanghai Composite Index both
fell 0.8 percent. The Shanghai benchmark stood at 2,050.59
"Although the overall economy and liquidity condition are
improving, there's still a lack of confidence for investors to
put more funds into the A-share markets," said Guo Yanling,
senior analyst at Shanghai Securities.
While blue-chips recently rose as money shifted into them
from growth stocks or new listings, the flow was not heavy
enough to support a sustained rally for them, Guo added.
Among Thursday's biggest index drags in Shanghai, Industrial
and Commercial Bank of China was off 0.9 percent
while Kweichow Moutai - which closed Wednesday at
its highest since April 24 - shed 1.1 percent.
Eleven of the 12 IPOs which were approved on Monday will
start taking subscriptions next week. Guotai Junan Securities
expects that to lock up nearly 600 billion yuan ($96.72 billion)
in funds, according to the Securities Times website.
PetroChina slipped 0.8 percent in
Shanghai and 0.4 percent in Hong Kong. A report on Caixin
magazine website late on Wednesday, citing unnamed sources, said
two executives from PetroChina's overseas operations had been
Its natural gas distribution arm Kunlun Energy
jumped 6.1 percent to its highest in a month, buoyed by media
reports that PetroChina is considering injecting more gas assets
into Kunlun to deal with private-sector competition.
Shares of Macau casino Sands China fell 1.5
percent after the company reported weaker-than-expected
Peer Wynn Macau lost 2 percent and Galaxy
Entertainment Group 0.9 percent.
Earlier this week, Fitch Ratings lowered its 2014 Macau
revenue growth estimate to 10 percent from 12 percent,
attributing the slower pace to weakness in the VIP segment.
($1 = 6.2034 Chinese Yuan)
(Editing by Richard Borsuk)