Thursday, 09 May 2013 14:14
HONG KONG: Hong Kong shares closed down 0.14 percent on profit-taking Thursday after gains in previous sessions, with dealers largely unmoved by figures out of China showing a slight rise in inflation.
The benchmark Hang Seng Index shed 32.87 points to finish at 23,211.48 on turnover of HK$56.07 billion ($7.23 billion), ending a four-day streak of closing up.
Among the biggest movers were solar stocks, who were hit by news that Chinese solar-panel manufacturers face import tariffs of up to 67.9 percent in the European Union.
GCL-Poly Energy dropped 2.5 percent to HK$1.57 and Comtec Solar fell 2.1 percent to HK$1.41.
Bucking the trend was acoustic components maker AAC Technologies which rose 2.3 percent to a high of HK$39.95 after an earnings upgrade.
Chinese shares ended down 0.59 percent. The benchmark Shanghai Composite Index fell 13.33 points to 2,232.97 on turnover of 91.2 billion yuan ($14.9 billion).
The fall came after the government said China's consumer price index rose 2.4 percent year-on-year last month, compared with a 2.1 percent rise in March and a forecast for April of 2.2 percent according to economists polled by Dow Jones Newswires.
"It's more likely the market fell on profit-taking after gains in previous sessions," Haitong Securities analyst Zhang Qi told AFP.
"Inflation was only slightly higher-than-expected, so it had limited impact on the market."
Property developers closed down, with Gemdale dropping 2.69 percent to 7.23 yuan and Poly Real Estate losing 2.04 percent to 11.98 yuan.
Coal and steel firms fell on media reports the government will strictly control the number of new projects in sectors with excess production capacity.
Shanxi Coal International Energy dropped 4.98 percent to 14.69 yuan while Yangquan Coal Industry fell 3.45 percent to 12.04 yuan.
Hangzhou Iron & Steel lost 4.43 percent to 3.67 yuan and Chongqing Iron & Steel fell 2.20 percent to 2.67 yuan.Copyright AFP (Agence France-Presse), 2013