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Hong Kong: Shares down on weakness in mainland China markets

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[HONG KONG] Hong Kong shares snapped a five-day winning streak on Tuesday, dragged down by losses in mainland China markets.

Profits at major Chinese industrial companies in December fell 8 per cent from a year earlier as the economy slowed, data showed.

Traders were also watching China's yuan, which hit a near-eight-month low against the dollar on Monday. It edged higher on Tuesday after the central bank fixed a moderately stronger midpoint.

The Hang Seng index fell 0.4 per cent to 24,807.28 points, while the China Enterprises Index lost 1.6 per cent to 12,030.38 points.

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Among the most actively traded stocks on Hong Kong's main board were Wai Chun Group Holdings Ltd, up 30.0 per cent at HK$0.07, Wai Chun Mining Industry Group Co Ltd , up 65.7 per cent at HK$0.18 and Ping Shan Tea Group Ltd, up 4.0 per cent at HK$0.08.

Chinese investment flowing from Shanghai into Hong Kong through the mutual market access pilot programme took up 0.89 billion yuan (US$142.48 million) of the 10.5 billion yuan daily quota.

Total trading volume of companies included in the HSI index was 1.7 billion shares.

REUTERS

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