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Hong Kong shares close down 0.2 pct, Chinese consumer sector weak

Source : REUTERS
Last Updated: Tue, Nov 20, 2012 13:40 hrs

HONG KONG, Nov 20 (Reuters) - Hong Kong shares closed lower in thin trade on Tuesday, weighed by a weak mainland Chinese market as investors took profits in Chinese consumer firms following a series of underwhelming corporate earnings.

The Hang Seng Index closed down 0.2 percent at 21,228.3. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.6 percent. Both indexes reversed midday gains.

In the mainland, the CSI300 Index of the top Shanghai and Shenzhen listings slid 0.5 percent to its lowest close since March 2009. The Shanghai Composite Index shed 0.4 percent.

HIGHLIGHTS:

* Markets pared gains after data showed China foreign direct investment inflows fell 3.5 percent in the first 10 months of the year from a year ago, extending the longest run of decline in three years.

* The Chinese consumer sector was again slammed after GOME Electrical Appliances posted late on Monday weak third-quarter earnings, following the lead of Parkson Retail Group and Tingyi Holdings. GOME and Tingyi each declined 3.7 percent, while Parkson lost another 5.2 percent after diving 8.8 percent on Monday.

* Chinese internet giant Tencent Holdings rose 2.3 percent, rebounding from a two-month low set on Monday after rival, Nasdaq-listed Sina Corp, soared 7.8 percent overnight. Chinese media reported that Alibaba Group, the country's largest e-commerce company, planned to buy a stake in Sina's popular "Weibo" microblogging service.



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