HONG KONG Jan 11 Hong Kong shares reversed
gains on Friday after higher-than-expected China inflation
triggered profit taking in recent outperformers, snapping a
two-week winning streak in the process.
The Hang Seng Index closed down 0.4 percent on the
day and 0.3 percent on the week at 23,264.1 Points. The China
Enterprises Index of the top Chinese listings in Hong
Kong shed 0.7 percent on Friday and 0.8 percent this week.
The CSI300 of the top Shanghai and Shenzhen
A-shares closed down 1.9 percent on the day and 1.6 percent on
the week. The Shanghai Composite Index shed 1.8 percent
on Friday and 1.5 percent this week.
* China's annual consumer inflation rate accelerated to a
seven-month high of 2.5 percent in December on rising food
prices, surpassing a 2.3 percent Reuters poll consensus and
narrowing the scope for futher policy easing by the central bank
to boost the economy.
* Inflation data accelerated losses in the Chinese property
and brokerage sectors, outperformers in 2012 that have also
started 2013 relatively strongly. Other growth-sensitive
counters that were buoyed by China's superlative export data on
Thursday were also among the bigger percentage losers on Friday.
* Citic Securities declined 2.1 percent after the
official Shanghai Securities News reported that China's
securities regulator has reprimanded China's largest listed
brokerage for failing to disclose a decline in profitablity in
Soochow Securities before its A-share initial public offering.