HONG KONG: Hong Kong shares fell for a fifth-straight session on Monday, dragged lower by financial and property stocks in the weakest turnover in a month after comments by Chinese Vice-Premier Wang Qishan on the global economy further aggravated weak sentiment.
The Hang Seng Index finished down 1.44 percent at 18,225.85. The China Enterprises Index of top Chinese companies listed in Hong Kong ended down 2.33 points at 9,725.82.
The Shanghai Composite Index extended a three-session losing streak, closing down 0.06 percent at 2,415.13 as A-share turnover sank to the lowest in a month, with weakness in energy names outweighing strength in utilities.
HIGHLIGHTS
The Hang Seng Index finished held above the 50 percent Fibonacci retracement of its rise from the low on Oct. 4 to the high on Oct. 28, at about 18,217, after earlier testing the bottom of a chart gap that formed between the high of Oct. 21 at about 18,082 and the low of Oct. 24 at about 18,435.
Stocks of Chinese property developers, particularly those seen of a better quality, were the standout underperformers, deepening losses in November after outpacing gains in the broader market in the month before.
Longfor Properties Co Ltd was down by as much as 10 percent before finishing down 5.4 percent in volume twice its average 30-day volume. There was talk in the market that the company sold apartments at a Beijing development over the weekend at prices that were below cost, according to Lee Wee-Liat, regional property head at Samsung Securities.
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