February 25, 2014 / 8:07 AM / 4 years ago

Hong Kong shares end down on China worries, CR Enterprises dives

HONG KONG, Feb 25 (Reuters) - Hong Kong shares reversed gains on Tuesday to end lower, tracking a sharp reversal in mainland markets, with investors still jittery over credit curbs on the property sector.

The Hang Seng Index ended down 0.3 percent at 22,317.2 points, bound by its 200-day moving average seen at about 22,492.7 points. The China Enterprises Index of the leading Chinese listings in Hong Kong slipped 0.6 percent.

China’s CSI300 share index tumbled 2.6 percent in its biggest single-day decline since July 2013, with losses accelerating after a sharp intra-day reversal for the Nasdaq-style ChiNext Composite Index of mostly high-tech start-ups listed in Shenzhen.

China Resources Enterprises dived 5.5 percent after Bank of America-Merril Lynch analysts downgraded their stock rating by a notch to “underperform.” Near term financial risks from its proposed joint venture with Tesco could outweigh the deal’s long-term strategic value, they said.

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