Hong Kong shares drift lower

Hong Kong shares fell, shrugging off a late rebound by the Shanghai market, as investors continued to sell banks on monetary tightening concerns.

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Hong Kong shares fell on Thursday, shrugging off a late rebound by the Shanghai market, as investors continued to sell banks on monetary tightening concerns.

The benchmark Hang Seng Index closed down 0.46 percent lower at 21,759.14. The China Enterprises Index fell 0.68 percent.

On the mainland, cement and other construction-related stocks lifted the Shanghai Composite Index 1.47 percent, marking its biggest single-day gain in three months. The index is up for a third straight session, bouncing off a near nine-month low.

HIGHLIGHTS:

* Li & Fung Ltd extended its bounce following a slew of positive research reports after the company's first-ever analyst day conference in Hong Kong helped to allay some fears about the company's growth prospects. The stock closed up 2.4 percent, building on the previous day's 5.6 percent jump.

* Tencent Holdings Ltd's attempts to retrace its losses for the month hit a stumbling block after a top-rated analyst cut his earnings forecasts. The stock fell 1.4 percent on the day and is down more than 8 percent this month. - Reuters

Source: http://www.iol.co.za/hong-kong-shares-drift-lower-1.1087714

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