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Hong Kong shares close down 0.4 pct from 16-mth high

Source : REUTERS
Last Updated: Mon, Dec 17, 2012 08:25 hrs

HONG KONG, Dec 17 (Reuters) - Hong Kong shares slipped on Monday from the 16-month highs set at the end of last week, as investors took profits, notably in large cap stocks that had been the chief beneficiaries of large fund inflows in recent months.

The Hang Seng Index closed down 0.4 percent at 22,513.6, falling off its highest since Aug. 1, 2011, set last Friday. The China Enterprises Index of the top Chinese listings in Hong Kong edged down 0.1 percent.

In the mainland, the Shanghai Composite Index and the CSI300 Index of the top Shanghai and Shenzhen listings each climbed 0.5 percent to their highest close since Aug. 10.

HIGHLIGHTS:

* After an annual policy-setting conference presided over by new Communist Party Chief Xi Jinping on Sunday, the official Xinhua news agency reported that China will maintain steady economic polices in 2013, leaving room for manoeuvre in the face of global risks while deepening reforms to support long-term growth.

* Chinese property shares, most of which have outperformed the broader Hong Kong market, dived after the same Xinhua report said Beijing would maintain controls on the sector. China Overseas Land slid 1.3 percent, cutting its 2012 gains to 80.7 percent.

* Shares of AIA Group were suspended from trading after American International Group launched a $6.5 billion offering of its remaining stake in the Asian insurer.




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