* HSI -0.9 pct, H-shares -1.5 pct, China shut for holiday
* Beta plays sink on U.S. budget standoff
* SHK Properties falls on fear of sluggish Hong Kong demand
* China coal sector drops as smog spurs moves to cut
By Clement Tan
HONG KONG, Oct 7 Hong Kong shares slipped to
start the week, underperforming Asia on Monday as investors
steered away from risk with the U.S. budget impasse showing no
signs of resolution.
In light turnover, the property and financial sectors were
among the leading blue chip losers. Chinese sports brands and
Macau casinos were strong as a week-long National Day holiday in
the mainland draws to a close.
At 0252 GMT, the Hang Seng Index was down 0.9 percent
at 22,936.9 points, while the China Enterprises Index of
the top Chinese listings in Hong Kong sank 1.5 percent. Both
underperformed most of Asia.
Mainland Chinese markets will resume trading on Tuesday.
Data for September money supply and loan growth due from Tuesday
will start a fresh batch of China economic data.
"Flows today are very slow on the large caps," said Jackson
Wong, Tanrich Securities' vice-president for equity sales. "The
discount that Sun Hung Kai apparently gave for its luxury
project is giving out very bad signals about demand."
Sun Hung Kai Properties slid 2.6 percent to its
lowest since mid-September after local media reported the
world's second-largest property developer is offering cash
discounts at a luxury project to entice buyers.
Bank of Communication and New China Life Insurance
each fell 2.6 percent, while Industrial and Commercial
Bank of China led losses among the "Big Four" Chinese
banks, sinking 1.6 percent.
Yanzhou Coal dropped 2.8 percent after the
official Xinhua news agency reported on Saturday that China will
replace four coal-burning heating plants in Beijing with natural
gas-fired ones by the end of next year as it steps up efforts to
Heavy smog enveloped Beijing and most of northern China as
millions of people prepared to head home after the Golden Week
holiday. Local media reported low visibility had forced
authorities to shut expressways and cancel flights.
Shares of ENN Energy, one of the largest
distributors of clean energy in China, climbed 2.2 percent,
while solar giant GCL-Poly Energy spiked 3.7 percent.
There were also gains for the Macau gambling and Chinese
sporting retail stocks on hopes of strong Golden Week holiday
revenue. MGM China jumped 3.5 percent to near its
record intra-day high recorded last Thursday.
Li Ning climbed 5.5 percent to its highest since
late January, while ANTA Sports rose 4.9 percent to
its highest since December 2011. Luxury watch retailer Hengdeli
gained 3.6 percent.