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Hong Kong shares close down 0.1 pct in 3rd straight loss

Source : REUTERS
Last Updated: Wed, Jul 25, 2012 09:31 hrs

HONG KONG, July 25 (Reuters) - Hong Kong shares suffered a third-straight loss on Wednesday, pulled down lower by local conglomerate Hutchison Whampoa after a group of companies it controls announced plans to acquire a UK gas company for $1 billion.

The Hang Seng Index closed down 0.1 percent at 18,877.3. The China Enterprises Index of the top Chinese listings in Hong Kong ended flat at 9,218.9.

In the mainland, the CSI300 Index of the top Shanghai and Shenzhen listings shed 0.7 percent. The Shanghai Composite Index closed down 0.5 percent at the lowest close since March 2009.

HIGHLIGHTS:

* Li Ka-Shing's Hutchison Whampoa shed 1.6 percent. Property developer Cheung Kong (Holdings) Ltd , an affiliate of Hutchison, said it had formed a joint venture with Cheung Kong Infrastructure Holdings Ltd, Power Assets Holdings Ltd and the Li Ka Shing Foundation Ltd to buy UK gas company Wales and West Utilities for 645 million pounds ($1 billion). Cheung Kong Holdings slipped 0.9 percent while Power Assets shed 1.6 percent and trading in Cheung Kong Infrastructure was suspended on Wednesday before markets opened.

* Bain Capital-backed GOME Electrical Appliances Ltd tumbled 14.5 percent to an all-time low after China's second-largest home appliance retailer warned it expects to post a net loss for the first half of 2012 attributable to its e-commerce business. (Reporting by Clement Tan; Editing by Richard Borsuk)




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