Hong Kong: Stocks close down 0.38%

[HONG KONG] Hong Kong stocks ended 0.38 per cent lower on Friday as investors booked profits from a two-day rally, while Shanghai added almost one percent to a near seven year-high on hopes for fresh Chinese stimulus measures.

The benchmark Hang Seng Index lost 93.65 points to 24,375.24 on turnover of HK$116.12 billion (S$20.79 billion).

In mainland China, the benchmark Shanghai Composite Index rose 0.98 per cent, or 35.05 points, to 3,617.32 on turnover of 651.8 billion yuan (US$106.0 billion).

The market has now risen more than nine percent in an eight-session winning streak and is now at its highest level since Mid-May 2008.

The Shenzhen Composite Index, which tracks stocks on China's second exchange, rose 1.37 per cent, or 25.08 points, to 1,852.94 on turnover of 494.7 billion yuan.

AFP