January 27, 2014 / 8:10 AM / 4 years ago

Hong Kong shares drop 2.1 pct to 5-mth low amid emerging market rout

HONG KONG, Jan 27 (Reuters) - Hong Kong shares tumbled to five-month lows on Monday, as a broad selloff in emerging markets escalated, taking a key benchmark further below a significant long-term technical level.

The Hang Seng Index ended down 2.1 percent at 21,976.1 points, its lowest closing level since Aug. 30. Losses on Monday also took the benchmark further below its 200-day moving average, now at 22,494.6 points. On Friday, it had closed below this level for the first time in nearly five months.

The China Enterprises Index of the leading offshore Chinese listings in Hong Kong sank 2.2 percent. The two benchmarks finished off the day’s lows.

Some long-only investors started buying into Tencent Holdings and some Macau gambling stocks, along with selected property and retail counters, helping to pare losses in those stocks, traders said.

At $11.4 billion, Monday’s turnover was the highest since Nov. 19.

This week will be holiday-shortened. Hong Kong markets will trade for half a day on Thursday and then shut Friday and Monday for the Lunar New Year.

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