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Hong Kong: Shares slip after previous day's gains on Fed hike


[HONG KONG] Hong Kong stocks ended Friday slightly lower, as many sectors corrected after the previous session's relief rally following the long-expected US interest rate hike.

The Hang Seng index fell 0.5 per cent, to 21,755.56, while the China Enterprises Index lost 0.3 per cent, to 9,634.41 points.

For the week, the Hang Seng was up 1.4 per cent and the HSCE advanced 3.5 per cent.

On Friday, investors took cues from sluggish US and regional markets.

Nearly all sectors fell. Energy and resources shares declined sharply, as fears of global economic slowdown resurfaced.

The Hong Kong-listed shares of China Vanke Co Ltd hit a record high on Friday as a spat between Chairman Wang Shi and its top shareholder over control of the home-builder fuelled speculation of a bidding war.

After the lunch break, Vanke suspended trading, saying the company was planning additional share sales.