Hong Kong stocks decline

Hong Kong stocks shied away from fresh four-and-a-half year highs on Tuesday, slipping 0.15 percent, as investors paused for breath after a recent rally. Chinese oil shares such as CNOOC were among the top losers after a dip in world oil prices from historical highs.
The country's top offshore oil producer, CNOOC Ltd, fell 2.5 percent to HK$5.90.
A 2.1 percent fall in index heavyweight PetroChina Corp Ltd to HK$7.05 also helped push China enterprise stocks down from recent record highs.
The blue chip Hang Seng Index ended 22.44 points lower at 15,443.62.
Volume was slightly below recent averages with HK$21.4 billion ($2.74 billion) worth of shares changing hands.
However, analysts expect stocks to soon resume their recent uptrend with blue chips buoyed by a recent surge in global fund flows, a strong earnings season and further bets that China will continue to revalue its yuan currency.
"From a macro economic view China looks on track. The feeling seems to be that the pandora's box has opened and there will be more revaluations," said Howard Gorges, director at South China Brokerage.
Upcoming blue chip report cards are also seen boosting sentiment after a strong start to the earnings season. Shares in companies due to post earnings later this week were among the main movers on Tuesday.
Hong Kong's dominant fixed-line phone firm PCCW Ltd was the top blue chip gainer, rising 2.9 percent to HK$5.35.
PCCW reports earnings on Thursday along with Bank of China's Hong Kong arm BOC Hong Kong (Holdings) Ltd BOC finished 0.9 percent lower at HK$16.65.
The operator of the Hong Kong stock exchange, Hong Kong Exchanges and Clearing Ltd (HKEx), rose 1.8 percent to HK$24.95 ahead of its interim earnings due on Wednesday.
The firm is expected to show robust second-quarter earnings with trade volumes surging on a spate of large China IPO's and fund inflows based on China revaluation plays.
Blue chip ports-to-telecoms conglomerate Hutchison Whampoa Ltd rose 1.1 percent to HK$80.10 ahead of its earnings due next week.
Hutchison and sister property firm Cheung Kong (Holdings) Ltd are seen as the next key reports for the market since together the firms account for 11 percent of the Hang Seng Index weighting.