Hong Kong stocks close down 0.25 percent
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HONG KONG, March 18 AFP
March 18 2010, 9:14PM
Hong Kong stocks fell 0.25 per cent on Thursday as dealers took profits from the previous day's gains.
The benchmark Hang Seng Index was 53.82 points lower at 21,330.67. Turnover was 61.75 billion Hong Kong dollars ($US7.95 billion, $A8.61 billion).
"Lingering concerns over Greece's debt problems and continued worries about monetary tightening in China pressured the market today, but gains in China Mobile after its results helped the index narrow its losses," Ben Kwong, associate director at KGI Asia, told Dow Jones Newswires.
Sentiment was hit after a senior Greek official said Athens may seek financial help from the International Monetary Fund as it holds out little hope for aid next week from the European Union.
A statement from the China Banking Regulatory Commission also stoked fears as it called on the country's rural financing institutions to be alert when lending.
China Mobile reversed early losses to finish 1.2 per cent higher at 76.40 Hong Kong dollars after its 2009 results were mostly in line with expectations and the company said it will lower capital expenditure through 2012.
Shangri-La Asia also outperformed to rise 2.5 per cent to 15.04, despite saying 2009 operating profit fell 69 per cent on poor performance of its core hotel operations.
China Overseas Land fell 1.6 per cent to 16.90 on profit-taking after rising 9.1 per cent in the month to Wednesday.
Chinese shares closed 0.14 per cent lower with sentiment stymied by persistent concerns over government credit-tightening measures, dealers said.
The Shanghai Composite Index, which covers both A and B shares, was down 4.39 points to 3,046.09 on turnover of 108.5 billion yuan ($US15.9 billion, $A17.22 billion).
"Trading volume is picking up, and the blue chips are seeing more demand, but it will take a lot more funds entering the market to give it a bigger and more sustainable boost," said Zhang Qi, an analyst from Haitong Securities.
Banks led the declines with Industrial and Commercial Bank of China down 0.4 per cent to 4.86 yuan. Bank of China fell 0.5 per cent to 4.15 yuan.
Airlines bucked the trend, extending a two-day rally on hopes of a stronger yuan, which would help reduce the cost of buying planes and aviation fuel.
Air China rose 0.4 per cent to 11.56 yuan, while China Southern Airlines gained 0.4 per cent to 6.91 yuan.
