Oct 11 Hong Kong stocks fell more than 1 percent
on Tuesday as investors took profits after a strong rally over
the past few months.
As trading resumed following Monday's holiday, the Hang Seng
index fell 1.3 percent to 23,549.52 points, while the
China Enterprises Index lost 1.2 percent to 9,804.47.
The Hong Kong market posted its biggest quarterly gain in
seven years in July-September, jumping 12 percent. So many
investors expect trading to be volatile this quarter due to
rising pressure from profit-taking.
Most sectors fell on Tuesday, with property shares
leading the decline as more Chinese cities imposed restrictions
on home buying as prices risk overheating.
Bucking the trend, Alibaba Pictures Group Ltd, the
film unit of Chinese billionaire Jack Ma's Alibaba Group, rose 3
percent to a five-week high after saying it would partner with
Steven Spielberg's Amblin Partners.
(Reporting by the Shanghai Newsroom; Editing by Kim Coghill)