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Hong Kong shares down 0.4 pct, suffer 1st monthly loss in three

Source : REUTERS
Last Updated: Fri, Aug 31, 2012 08:20 hrs

HONG KONG, Aug 31 (Reuters) - Hong Kong shares suffered a third-straight loss on Friday, sinking deeper into the red in August, after first half corporate earnings disappointed with little prospect of imminent recovery.

The Hang Seng Index closed down 0.4 percent on the day and 1.6 percent in August at 19,482.6. The index rose in June and July.

The China Enterprises Index of the top Chinese listings in Hong Kong ended down 0.7 percent on the day and 4.1 percent on the month.

The CSI300 Index of the top Shanghai and Shenzhen listings shed 0.3 percent on the day and 5.5 percent this month. The Shanghai Composite Index lost 0.3 percent on Friday and 2.7 percent in August.

HIGHLIGHTS:

* Citic Pacific slumped 7.1 percent to its lowest since April 2009 after iron ore looked set to hit nearly three-year lows on Friday. In August, the stock had its worst performance in 10 months as Chinese steel producers shunned fresh cargoes in the face of waning demand.

* The Hong Kong property sector rebounded after new policies announced after markets closed on Thursday did not amount to fresh measures to alleviate the growing social strain of soaring housing prices. Henderson Land rose 2.1 percent, while Sun Hung Kai Properties gained 1.5 percent. (Reporting by Clement Tan and Vikram Subhedar; Editing by Richard Borsuk)



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