HONG KONG Feb 4 Hong Kong shares reversed early
gains on Monday, as investors took profit on Chinese insurers
after mainland regulators approved HSBC's sale of its remaining
stake in Ping An Insurance.
The Hang Seng Index ended down 0.2 percent at 23,685
points, faltering at chart resistance around 23,900 for the
second time in four days. The China Enterprises Index of
the top Chinese listings in Hong Kong shed 0.5 percent.
In the mainland, the CSI300 of the top Shanghai
and Shenzhen A-share listings ended up 0.2 percent at 2,748
points, its highest close since November 2011. The Shanghai
Composite Index gained 0.4 percent.
* Shares of Bank of China climbed 1 percent to its
highest close since June 2011. Gains nearing 43 percent from a
Sept. 5 low have now prodded BOC's relative strength index (RSI)
values to its most overbought level since October 2010.
* Ping An Insurance dropped 2.8 percent to
HK$68.90 in an intra-day reversal, but stayed above the HK$59
per share level that HSBC had priced its stake sale. Late on
Friday, the China Insurance Regulatory Commission approved the
sale of HSBC's remaining $7.4 billion stake in the
mainland's second-largest insurer to a group controlled by
Thailand's richest man.