WebSify
Follow us on
Mail
Print

Hong Kong shares close down 0.7 pct, snap 4-week winning streak

Source : REUTERS
Last Updated: Fri, Dec 21, 2012 08:10 hrs

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.

HIGHLIGHTS:

* 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 Thursday.

* 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.




blog comments powered by Disqus
most popular on facebook
talking point on sify finance