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Hong Kong shares end down 1.1 pct in 1st loss in 4 days
June 19, 2013 / 8:07 AM / 4 years ago

Hong Kong shares end down 1.1 pct in 1st loss in 4 days

HONG KONG, June 19 (Reuters) - Hong Kong shares had their first loss in four days, with cyclical counters hurt by dashed hopes for monetary easing in China and pressure on defensive plays ahead of policy statements by the U.S. Federal Reserve.

The Hang Seng Index ended down 1.1 percent at 20,986.9 points in its first decline since last Thursday. The China Enterprises Index of the top Chinese listings in Hong Kong shed 1.5 percent.

The Shanghai Composite Index ended down 0.7 percent at 2,143.5 points, its lowest closing level since mid-December. The CSI300 of the leading Shanghai and Shenzhen A-share listings also shed 0.7 percent.


* China property developers slid after the China Securities Journal reported that a property tax pilot programme may be expanded soon to include Beijing, Shenzhen, Nanjing and Hangzhou. Some cities may even apply taxes to existing homes, now exempt in pilot programmes in Shanghai and Chongqing.

* The Chinese banking sector and other beta plays sank after a front-page China Securities Journal editorial said Beijing will not use higher money supply growth to boost economic growth. China’s short-term funding costs extended their recent climb as the Finance Ministry moved to drain more liquidity with a 10-year bill auction.

* China Mengniu spiked 6.9 percent after the company announced a $1.6 billion takeover offer for a local infant formula maker, Carlyle-backed Yashili International . Yashili shares rose 3 percent. Both were trading for the first time this week.

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