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Hong Kong shares close down 0.3 pct at one-month low
May 30, 2013 / 8:13 AM / 5 years ago

Hong Kong shares close down 0.3 pct at one-month low

HONG KONG, May 30 (Reuters) - Hong Kong shares sank to their lowest in a month on Thursday, with the utilities sector joining a downward spiral in high yielding counters on worries that the U.S. Federal Reserve may soon begin tapering its monetary stimulus.

The Hang Seng Index ended a choppy session down 0.3 percent at 22,484.3 points, its lowest close since April 25. The China Enterprises Index of the top Chinese listings in Hong Kong slid 0.6 percent.

The Shanghai Composite Index closed down 0.3 percent at 2,317.8 after ending on Wednesday at its highest since March 25. The CSI300 of the leading Shanghai and Shenzhen A-share listings also slipped 0.3 percent.


* Power Assets sank 3.7 percent to its lowest since March. Now up 6.5 percent in 2013 after double-digit percentage gains in the previous three years, it is trading at 15 times forward 12-month earnings, a 19 percent premium over its historical median, according to Thomson Reuters StarMine.

* Property stocks extended losses. Hong Kong property developer New World Development shed 3.3 percent to its lowest close since January. Link Real Estate Investment Trust (REIT) slid another 4.1 percent.

* Aluminum Corporation of China (Chalco) jumped 4 percent after Goldman Sachs upgraded its H-share listing from “sell” to “neutral,” expecting the company to turn profitable in 2013 after its proposed disposal of its loss-making aluminum extrusion and processing assets.

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