HK stocks close down 0.14% on profit-taking, China Coal leads

08:22, March 24, 2011      

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Hong Kong shares ended 0.14 percent lower on Wednesday, ending three days of gains, due to profit-taking amid lingering uncertainties in the Middle East and Japan.

Hong Kong stocks fell 32.50 points, or 0.14 percent, to close at 22,825.40 on Wednesday. The benchmark Hang Seng Index traded between 22,797.94 and 22,849.23. Turnover totaled 68.59 billion HK dollars (8.80 billion U.S. dollars).

The Hang Seng China Enterprises Index Wednesday went down 30.59 points, or 0.24 percent, to close at 12,752.61.

Two sub-indices gained ground, with the Properties sub-index adding 0.65 percent and the Utilities 0.30 percent. The Finance dropped 0.28 percent, while the Commerce and Industry lost 0.23 percent.

China Coal, which fell 9.1 percent to 10.74 HK dollars, was the worst-performing blue chip after it said its net profit rose 4.4 percent last year to 6.91 billion yuan (1.53 billion U.S. dollars), below the 9.97 billion yuan forecast of 20 analysts in a Thomson Reuters poll.

China Life fell 2.1 percent to 28.60 HK dollars after it said Tuesday its net profit rose 2.3 percent to 33.63 billion yuan last year, below the 35.03 billion yuan net profit forecast of four analysts.

Cosco Pacific fell 2.2 percent to 14.54 HK dollars due to profit-taking after rising 6.8 percent in the past two sessions, despite reporting during the lunch break that its net profit doubled last year to 361.3 million U.S. dollars, above the average 319.1 million U.S. dollars forecast of 11 analysts polled earlier by Thomson Reuters.

Heavyweight HSBC Holdings lost 0.6 percent to 80.15 HK dollars, while Hang Seng Bank rose 0.2 percent to 122.20 HK dollars.

Among other blue chips, HKEX, the city's sole bourse operator, closed 0.8 percent lower to 165.40 HK dollars. Hutchinson Whampoa advanced 2.6 percent to 90.55 HK dollars. (7.794 HK dollars = 1 U. S. dollar)

Source: Xinhua
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