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HK Shares dragged lower by Chinese mainland market's fall -- Sept. 11
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19:55, September 11, 2007

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The blue-chip Hang Seng Index opened flat and closed lower Tuesday, following sharp falls in Chinese mainland's stock markets on expectations that the Chinese government will take further tightening measures following higher- than-expected inflation data.

The blue-chip Hang Seng Index fell 47.46 points, or 0.2 percent, to close at 23,952.24 after trading between 23,753.35 and 24,157. 36 during the session.

According to news released Tuesday, the consumer price index of the Chinese mainland in August rose 6.5 percent from the same month last year, marking its biggest monthly increase in inflation since December 1996 and putting the People's Bank of China on track to raise interest rates again soon.

The expectations of more tightening measures in Chinese mainland prompted sharp drops on the mainland's stock markets. with the Shanghai Composite Index down 4.5 percent and the Shenzhen Composite Index down 5.3 percent.

Chinese banks listed in Hong Kong fell on the prospect. Bank of Communications, the nation's fifth-largest bank by assets, fell 1. 2 percent to 8.93 HK dollars, while China Construction Bank, one of China's four biggest lenders by assets, slipped 0.4 percent to 6.83 HK dollars.

Local bourse operator Hong Kong Exchanges and Clearing fell 2.7 percent to 184.90 HK dollars on profit-taking after it soared 20 percent Monday on news the Hong Kong government raised its stake in the firm to 5.88 percent Friday to become its largest shareholder.

Bucking the overall market's downturn, offshore oil producer CNOOC rose 2.0 percent to 9.92 HK dollars on rising crude prices.

On Chinese telecom stocks side, China Mobile was down 0.69 percent after gains, with China Unicom down 2.76 percent, Netcom up 0.54 percent, and China Telecom down 1.54 percent.

On the three insurers side, China Life was down 0.14 percent, Ping An down 1.61 percent while PICC P&C ended flat.

Source: Xinhua

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