Hong Kong shares end morning lower on profit -taking after strong rally |
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Thu, 15 Nov 2007 05:39
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HONG KONG (Thomson Financial) - Hong Kong shares ended Thursday morning lower as investors locked in gains, especially in market heavyweights, after yesterday's 1,300-point index rally.Early sentiment was dampened by the pullback on Wall Street overnight as worries over further fallout from the US credit crisis lingered.Local traders also turned cautious after weaker trading in Shanghai sparked speculation of more credit tightening measures from China in the near term.'The market's fall today is quite reasonable, considering (yesterday's) gains and the lower closing levels on Wall Street last night. Concerns over another possible rate hike in China also limited the upside on the index,' said Ben Kwong, head of research at KGI Securities.The Hang Seng Index was down 137.48 points or 0.5 percent at 29,028.53, after it hit a high of 29,249.99.Volume traded was 7.44 billion shares worth 67.83 billion Hong Kong dollars.Property stocks tumbled after adding more than 2 percent on Wednesday. The sub-index was down 630.69 points or 1.7 percent at 37,210.29.Oil stocks finished lower as crude prices fell in Asian trade ahead of the release of a weekly US government report on the country's energy stockpiles.HSBC Holdings was 10 cents higher at 139.10 dollars in volatile trade. UK's largest bank said on Wednesday its loan impairment charge at 3.4 billion US dollars was 1.4 billion dollars higher than would have been expected if first-half trends had continued.(1 US dollar = 7.80 Hong Kong dollars)parvathy.ullatil@thomson.com-pu/ntCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved.The copying, republication or redistribution of Thomson Financial News Content, including by framing or similar means, is expressly prohibited without the prior written consent of Thomson Financial News.
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Hong Kong shares open lower after record run 