Thursday, November 19, 2009

Hong Kong shares down; China at 3-mth

HONG KONG/SHANGHAI: Hong Kong shares fell to profit-taking for a third session on Thursday, but China Mobile outperformed after it said its business had rebounded to pre-crisis levels.

China's key stock index edged up 0.53 per cent to its highest close in three months with energy counters sharply higher as demand may rise as a result of harsh winter weather.

The benchmark Hang Seng Index closed down 0.86 per cent, or 197.71 points, at 22,643.16. The index had lost 1.3 per cent since Tuesday, when it closed at a 16-month high.

Turnover fell to HK$69.3 billion ($8.94 billion) from HK$76.7 billion on Wednesday, the highest since October 29. "Some weakness in economic data in the US resulted in more profit-taking," said Steven Lam, vice-president at Karl-Thomson Securities. "The market is not yet convinced that the global economy has really recovered. Investors need more data."

Developer Sino Land advanced 1.72 per cent and Cheung Kong gained 0.62 per cent. Hong Kong will auction two residential sites in December, the first large-scale sales in two years, to boost land supply.

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