Hong Kong stocks close slightly Lower, Tencent Surges

21:49, January 25, 2011      

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Hong Kong shares closed lower for the fourth straight session Tuesday, led by financial firms, although Internet company Tencent surged following a positive outlook on its gaming business.

The benchmark Hang Seng Index fell 12.95 points, or 0.05 percent, to close at 23,788.83, after trading between 23,769.46 and 23,999.11 points. The index has fallen 2.6 percent in the past four sessions.

Turnover totaled 62.73 billion HK dollars (8.05 billion U.S. dollars) compared with Monday's 64.67 billion HK dollars.

The Hang Seng China Enterprises Index lost 34.38 points, or 0. 27 percent, to close at 12,562.05.

Four sub-indices ended mixed. The Properties sub-index rose 0. 23 percent, the Commerce and Industry gained 0.14 percent, while the Utilities lost 0.25 percent and the Finance shed 0.27 percent.

Ping An Insurance, China's second largest insurer, tumbled two percent to 78.45 HK dollars.

China Life, one of the world's largest life insurers by market value, fell 0.96 percent to 30.85 HK dollars.

Bank of Communications, China's fifth biggest lender measured by assets, lost 0.8 percent to 7.68 HK dollars.

China Construction Bank, the country's second largest bank which accounts for the third largest weighting of the Hang Seng Index, fell 0.4 percent to 6.89 HK dollars.

ICBC, the world's largest bank by market value, fell 0.2 percent to 5.86 HK dollars.

Tencent bucked the overall trend and was the best-performing blue chip, rising 4.7 percent to 199.1 HK dollars after Deutsche Bank upgraded the stock to Buy from Hold and raised its target to 240 HK dollars from 155 HK dollars.

Citic Pacific jumped 4 percent to 20.85 HK dollars after Macquarie Securities raised the steel-to-property conglomerate's target price to 31 HK dollars from 27 HK dollars following a positive outlook on iron ore prices. (1 U.S. dollar equals 7.792 HK dollars).

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