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Hong Kong shares slip 0.02 percent, traders sell China-related stocks

Hong Kong shares slip 0.02 percent, traders sell China-related stocks

Hong Kong shares fell slightly Friday, as losses in China-related stocks outweighed sharp gains by property companies on easing interest rate worries.
The blue-chip Hang Seng Index slipped 4.28 points, or 0.02 percent, to 17,903.39.
China Mobile fell 1.2 percent to HK$57.50 after hitting an all-time closing high Wednesday.
Elsewhere, China Merchants Holdings fell 2.2 percent to HK$22.05 and China Resources dropped 1.8 percent to HK$16.70.
Newly listed HannStar Board International Holdings rose 2.8 percent to HK$1.82 in its debut.
New World was one of the day's biggest blue-chip gainers. It rose 2.6 percent to HK$14.04.
Analysts said the Hang Seng will likely find resistance at the psychologically important 18,000 level, and may fall next week on the launch of Industrial & Commercial Bank of China's initial public offering roadshow.
"While local investors will account for only a small portion of the ICBC IPO, it's likely that the benchmark index may fall" as a result of reduced liquidity, Y.K. Chan, strategist at Phillip Asset Management, said.
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On the Net:
Hong Kong stock exchange official Web site:
http://www.hkex.com.hk


Updated : 2021-07-30 08:20 GMT+08:00