Hong Kong shares crept higher with utilities strong, but slumped to their first weekly loss in three as turnover hit a 8-1/2 month low, suggesting investors were cautiously awaiting signs of resolution to Europe's debt crisis from a weekend summit.
|||Hong Kong shares crept higher on Friday with utilities strong, but slumped to their first weekly loss in three as turnover hit a 8-1/2 month low, suggesting investors were cautiously awaiting signs of resolution to Europe's debt crisis from a weekend summit.
The Hang Seng Index closed up 0.24 percent on the day but down 2.57 percent on the week at 18,025.72. The China Enterprises Index closed up 0.25 percent on the day and down 3.81 percent on the week at 9,219.73.
The Shanghai Composite Index closed down 0.6 percent at 2,317.28 on the day, the lowest level since April 2009. It slumped 4.69 percent on the week, surrendering last week's gains after a unit of China's sovereign wealth fund started to buy more shares in the country's big banks.
HIGHLIGHTS:
* Friday's gains brought the Hang Seng Index just above the 50 percent Fibonacci retracement of its rise from 2008 trough to its 2010 high, at about 17,833 points. The benchmark has unwound more than a third of the gains over the last four sessions, since a short squeeze ended on Monday that brought it up 16 percent from a trough on Oct. 4.
* Commodities-related stocks extended losses. Among those considered particularly sensitive to slowing growth in China, they have alternated between market-leading gains and losses this past week. High short-selling interest played a big part in that. While short-selling accounted for less than 10 percent of total turnover on the Hong Kong bourse for most of the week, it stayed consistently high among materials issues.
* Excluding Friday, shorting averaged about 37 percent of turnover this week for steel producer Citic Pacific Ltd, exceeding 50 percent on Thursday for the first time in a month. The top beta play among Hang Seng Index components, Citic Pacific was down 0.8 percent on the day and down 9.3 percent on the week. - Reuters
Source: http://www.iol.co.za/hong-kong-shares-end-up-0-2-1.1162093
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