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Hong Kong shares hit 4-week low as China growth concerns weigh

Source : REUTERS
Last Updated: Fri, May 24, 2013 08:20 hrs

HONG KONG, May 24 (Reuters) - Hong Kong shares extended losses on Friday to fall to their lowest in almost a month as the property sector sagged over concerns that China's economic recovery may be stalling.

The Hang Seng Index slipped 0.2 percent to 22,618.7 points, the lowest level since April 29. The China Enterprises Index of the top Chinese listings in Hong Kong fell 0.2 percent. On the week, they were down 2 and 2.7 percent, respectively.

The CSI300 of the leading Shanghai and Shenzhen A-share listings rose 0.6 percent, while the Shanghai Composite Index also closed up 0.6 percent at 2,288.5 points. On the week, they both rose 0.2 percent in their fourth-straight weekly gain.

HIGHLGHTS:

* Chinese property developers were broadly weak. China Vanke fell 0.8 percent in Shenzhen after testing its highest since Feb. 5 on Thursday. In Hong Kong, China Overseas Land dropped 1.7 percent, while China Resources Land fell 0.4 percent.

* Lenovo Group Ltd rose 3.8 percent to its highest in almost two months, helped by a slew of price target upgrades by brokerages after the Chinese PC marker reported a forecast-beating quarterly profit.




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