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4 years ago
Hong Kong shares close down 1.2 pct, suffer worst week in a year
June 7, 2013 / 8:11 AM / 4 years ago

Hong Kong shares close down 1.2 pct, suffer worst week in a year

HONG KONG, June 7 (Reuters) - Hong Kong shares fell on Friday and had their worst week in more than a year as investors braced for U.S. jobs data that could set the stage for a tapering of the Federal Reserve's monetary stimulus.

The Hang Seng Index ended down 1.2 percent on the day and 3.6 percent on the week at 21,575.3. This was its worst weekly loss since May 2012. The China Enterprises Index of the top Chinese listings in Hong Kong shed 1.7 percent on Friday and 3.9 percent for the week.

The CSI300 of the leading Shanghai and Shenzhen A-shares listings closed down 1.7 percent on Friday and 4.7 percent this week. The Shanghai Composite Index slid 1.4 percent on the day and 3.9 percent on the week.

HIGHLIGHTS:

* Chinese insurer PICC Group tumbled 5.7 percent to HK$3.61. Exchange data showed a block of 106 million shares were sold at HK$3.45 apiece, below its HK$3.48 initial public offering price last November.

* Chinese banking shares were hit by skyrocketing money rates in the mainland, pushed up partly on rumours that a mid-sized bank had failed to repay an interbank loan. Dealers said that virtually the entire market was short of cash, with few or no banks willing to lend.

WEEK AHEAD:

* Hong Kong will be shut on Wednesday, while mainland Chinese markets are closed from Monday through Wednesday and will resume trading on Thursday.

* Beijing is due to report a slew of economic data for May including trade, inflation, urban investment, industrial output and retail sales over the weekend.

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