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Hong Kong shares close down 0.1 pct, China Taiping rises
January 15, 2013 / 8:26 AM / 5 years ago

Hong Kong shares close down 0.1 pct, China Taiping rises

HONG KONG, Jan 16 (Reuters) - Hong Kong shares ended slightly lower on Tuesday as the market took a breather have logged its highest showing in just over 1-1/2 years following rally in the China market, with property shares leading the slide ahead of the territory’s policy address on Wednesday.

The Hang Seng Index closed down 0.14 percent at 23,381.51 points on Tuesday. The China Enterprises Index of the top Chinese listings in Hong Kong edged up 0.03 percent.

The CSI300 index, which tracks the largest listed firms in Shenzhen and Shanghai, closed up 0.7 percent at 2,595.9. The Shanghai Composite Index closed at 2,325.7 points, up 0.6 percent.


* Shares of China Taiping Insurance Holdings Co Ltd rose 6.2 percent after the China’s fifth-biggest mainland insurer by market capitalisation said it was considering acquiring an additional 25 percent stake in Taiping Life Insurance from its parent company.

* Shares of Li & Fung Ltd remained under pressure after Moody’s changed the global supply chain manager’s rating outlook to negative, and Standard & Poor’s Ratings Services puts the company’s “A-” Rating On CreditWatch Negative , sending the stocks down to their lowest since August 2011, before ending at HK$11.68, down 0.5 percent

Investors questioned the credibility of earnings guidance from Li & Fung after it flagged a steep profit fall just two months after an analyst briefing.

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