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Hong Kong: Stocks ease off 3-month high ahead of holiday weekend


[HONG KONG] Hong Kong stocks slipped on Friday, ending four straight days of gains but only easing slightly from three-month highs as investors took profit ahead of the holiday weekend.

The market had opened firmer, underpinned by the Dow Jones Industrial Average holding above 20,000 points after breaching that level for the first time in the previous session.

The benchmark Hang Seng index slid 0.06 per cent in a half-day session, to 23,360.78. The China Enterprises Index slid 0.51 per cent, to 9,804.05 points.

The Hang Seng was up 2.1 per cent for the week, and jumped 6.2 per cent for the month. While the China Enterprises Index gained 0.9 per cent for the week and was up 4.4 per cent in January.

Utilities stocks led gains, with the Hang Seng utilities sub-index rising 1.2 per cent. Power Assets rose 2.8 per cent to its highest close since Oct 6.

Chinese markets are shut for the week-long Lunar New Year holiday and will resume trade on Friday, Feb 3.

The Hong Kong market will be closed on Monday and Tuesday for the Lunar New Year. Trading will resume on Wednesday, Feb 1.


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