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Hong Kong's HSI slips 3.3 pct on week as investors lock in profits
November 9, 2012 / 8:15 AM / 5 years ago

Hong Kong's HSI slips 3.3 pct on week as investors lock in profits

Nov 9 (Reuters) - Hong Kong shares eased further from their 2012 highs on Friday, as weak overseas markets spurred profit-taking in China-focused shares, dragging the benchmark to its worst weekly performance since mid-July.

The Hang Seng index fell 0.9 percent to 21,384.4 while the China Enterprises index fell 0.7 percent, with recent outperformers, such as banking and energy shares, the biggest drags. Both indices lost more than 3 percent this week.

On the mainland, the CSI300 of top Shanghai and Shenzhen listings fell 0.2 percent while the Shanghai Composite closed down 0.1 percent. The indices lost 2.9 percent and 2.3 percent on the week respectively.


* Chinese banking and energy shares, the best performing sectors in October, were hit by more profit-taking and were the biggest drags on the Hang Seng. China Construction Bank and Petrochina fell 1 percent while Sinopec dropped 1.6 percent.

* Shares of Chow Tai Fook Jewellery Group Ltd fell nearly 5.6 percent after China’s top jewellery retailer warned of lower profit margins due to gold hedging activities.

* Bucking the weaker trend, Lenovo Group added 5.8 percent and neared a three-month high following second-quarter results. Telecom hardware maker ZTE rose 1.9 percent.

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