Hong Kong shares fall on weak results, gloomy outlook for earnings

SHANGHAI Thu Oct 30, 2014 1:39pm IST

Stocks

   

SHANGHAI Oct 30 (Reuters) - Hong Kong shares ended lower on Thursday, as investors sold shares in companies that posted weaker earnings for the third quarter.

The Hang Seng Index unofficially closed down 0.5 percent at 23,702.04 points, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong declined 0.9 percent.

Several major companies and banks posted weaker-than-expected results or provided pessimistic earnings outlooks.

Shares of BYD Co Ltd slumped 7.8 percent, West China Cement Ltd dropped 2.5 percent, and China Citic Bank Corp Ltd declined 0.8 percent.

Chinese state-run oil giants PetroChina and CNOOC Ltd were among the main drags, falling 1.9 percent and 4.9 percent, respectively, after they reported disappointing results on Wednesday due to a slump in crude prices. (Reporting by Shanghai Newsroom; Editing by Richard Borsuk)

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