HONG KONG, Dec 21 (Reuters) - Hong Kong shares posted their
worst day in three weeks and their first weekly loss in five on
Friday, as investors cut risk at the end of the last full
trading week this year after talks stalled on a deal to avert a
fiscal crisis in the United States.
The Hang Seng Index closed down 0.7 percent on the
day and down 0.4 percent on the week at 22,506.3. The China
Enterprises Index of the top Chinese listings in Hong
Kong shed 1.1 percent on Friday and 0.7 percent this week.
The CSI300 of the top Shanghai and Shenzhen
closed down 0.5 percent on Friday, but rose 0.7 percent on the
week to 2,372 points. The Shanghai Composite Index shed
0.7 percent on Friday but gained 0.1 percent this week.
* Friday's losses, its worst since Dec. 3, knocked the Hang
Seng Index off its highest since August last year. Any gains
next week could be limited by stiff chart resistance seen at
around 22,800, around the peaks seen in July and August 2011.
* Chinese banking and energy majors were among the biggest
losers of the Hang Seng Index components. Industrial and
Commercial Bank of China (ICBC) and China Coal Energy
Co Ltd each fell more than 2 percent.
* Low turnover and strength in defensive plays such as Hong
Kong utilities further pointed to risk aversion at the end of
the last full trading week in 2012. Next week, Hong Kong markets
will shut from noon on Monday and resume trading only on
* Anta Sports jumped 3 percent to HK$6.54 after
UBS raised their price target from HK$7.50 to HK$9, expecting
Anta to be among the survivors of an ongoing consolidation in
Chinese sportswear brands.