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Hong Kong shares close down 0.1 pct, trimming weekly gains

Source : REUTERS
Last Updated: Fri, Apr 12, 2013 08:10 hrs

HONG KONG, April 12 (Reuters) - Hong Kong shares ended their best week since January on a sluggish note on Friday, with cyclical sectors broadly weaker as investors trimmed a bounce from Monday's four-month lows.

The Hang Seng Index closed down 0.1 percent at 22,089.1. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.5 percent. They rose 1.7 and 2.2 percent this week, their respective best performances in about three months.

The CSI300 Index of the leading Shanghai and Shenzhen A-share listings closed down 0.6 percent at 2,462.1 on Friday, and the Shanghai Composite Index also fell 0.6 percent. For the week, they fell 0.9 and 0.8 percent, respectively.

HIGHLIGHTS:

* Lenovo Group followed Thursday's 5.8 percent plunge with a 6.1 percent dive on Friday, taking its Hong Kong shares to their lowest since November. Citi downgraded Lenovo by two notches, from "buy" to "sell", believing its China personal computer business will start to slow.

* The cyclical basic materials and energy sectors were broadly weaker. Trina Chen, Credit Suisse's sector analyst, said in a note that Beijing's 2013 closure targets for obsolete capacity in 19 industries, released on Thursday, are likely behind market expectations.

WEEK AHEAD:

* China's first quarter GDP growth data and industrial output, retail sales and urban investment data for March are due on Monday.




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