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Hong Kong: Stocks end lower, hover near 21-month highs
[HONG KONG] Hong Kong stocks eased on Wednesday but held near 21-month highs aided by steady flows of money from mainland China, where shares tanked under the weight of tighter regulations.
The Hang Seng index fell 0.2 per cent, to 25,293.63, while the China Enterprises Index lost 0.5 per cent, to 10,383.14 points.
On Wednesday, Chinese investors used 24 per cent of the daily quota under the Shanghai-Hong Kong Stock Connect to buy Hong Kong shares, which have so far been immune from China's deleveraging campaign.
Shares of the People's Insurance Group Of China hit a near two-month high after it unveiled plans to list in Shanghai.
But shares of Shanghai Fosun Pharmaceutical Group slumped roughly 6 per cent after the drugmaker announced plans to offer additional shares at a discount to the market price.