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Hong Kong shares slide on profit-taking, fund movement

Source : REUTERS
Last Updated: Tue, Aug 20, 2013 08:20 hrs

HONG KONG, August 20 (Reuters) - Hong Kong shares suffered their worst day in nearly seven weeks on Tuesday as investors took profits on Chinese energy and power counters and funds broadly moved out of Asian markets.

The Hang Seng Index closed down 2.2 percent at 21,970.29 in its fourth-straight daily loss, while the China Enterprises Index of the top Chinese listings in Hong Kong fell 2.9 percent. For both, the day brought the biggest daily percentage loss since July 3.

Shandong Weigao Group Medical Polymer Co Ltd fell 8.4 percent after the Chinese medical devices producer said its Q2 net profit fell 28.5 percent. Shares of China Oilfield Services Ltd reached a five-year high and were up 5.4 percent after it posted a 33 percent rise in first-half profit, but the gain in Hong Kong was later trimmed to 1.8 percent.



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