HK Shares close 0.63% lower

21:27, March 31, 2010      

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Hong Kong shares snapped three consecutive sessions of gains to end lower Wednesday on profit taking, but Bank of Communications bucked the downtrend after posting stronger-than-expected 2009 results.

The blue-chip Hang Seng Index fell 135.44 points, or 0.63 percent, to 21,239.35 after trading between 21,230.29 and 21,446. 80 during the session.

Market volume totaled 67.06 billion Hong Kong dollars (8.65 billion U.S. dollars).

Profit-taking pressure kicked in after the index rose 3.9 percent over three sessions, and investors started retreating to the sidelines ahead of the five-day break for Easter and Tomb Sweeping Day starting Friday. Traders said they expect the mild pullback to continue in the sessions through next week.

Henderson Land fell 4.2 percent to 54.70 HK dollars on dilution concerns after the developer said it plans to issue bonus warrants to raise 24.9 billion HK dollars.

Bank of Communications jumped 4.4 percent to 9.25 HK dollars after posting stronger-than-expected 2009 results after the market closed Tuesday, as the improvement in fourth-quarter net interest margin was better than expected.

Hutchison Whampoa rebounded 0.2 percent to 56.80 HK dollars after shedding 2.7 percent on its 2009 results Tuesday.

Newcomer Fook Woo surged 17 percent from its IPO price to end at 2.70 HK dollars on its debut.

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