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Hong Kong: Shares dragged down by profit-taking

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[SHANGHAI] Hong Kong shares finished lower on Monday as investors took profits following solid gains last week.

The Hang Seng Index unofficially closed down 0.3 per cent at 23,915.97 points, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong fell 0.9 per cent.

Analysts said the market was meeting resistance as the Hang Seng index neared its 50-day moving average of around 23,982.

Adding to bearish sentiment were factory and service sector surveys which suggested China's economy lost further momentum heading into the fourth quarter as a property slowdown intensified and export demand softened.

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The energy sector led losses with PetroChina dropping 1.5 per cent, China Shenhua Energy falling 2.5 per cent, and China Coal Energy Co Ltd shedding 1.3 per cent.

Guangzhou Shipyard International Ltd soared over 70 per cent after the company said on Friday that it would buy Huangpu Wenchong yard, which builds military and marine engineering vessels, from its parent China State Shipbuilding Corp for 4.53 billion yuan (US$740.60 million) in shares and cash.

REUTERS

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