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Hong Kong shares close down, H-shares have worst week in over 2 months
April 11, 2014 / 8:25 AM / 4 years ago

Hong Kong shares close down, H-shares have worst week in over 2 months

SHANGHAI, April 11 (Reuters) - Hong Kong shares finished down 0.8 percent on Friday, with a sell-off in dual-listed shares dragging down Chinese shares listed in the territory.

The Hang Seng Index closed down at 23,003.64 points, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong was off 1.85 percent, its worst one-day percentage drop in 9 weeks.

The slump in H-shares came after investors dumped dual- listed China shares that had been trading at a premium to their mainland counterparts following an announcement on Thursday that mainland and Hong Kong investors would soon be able to invest in each other’s markets.

Anhui Conch led the slide on the index falling 7.2 percent, with Ping An falling 5 percent to its lowest in over two weeks, and China Life down 5.3 percent.

But Hong Kong Exchanges and Clearing Ltd rode high on the news, gaining 11.5 percent to reach its best level in over a year.

Mainland investment in Hong Kong would initially involve a quota system which, if the daily limit was invested, would see average daily turnover boosted by 19 percent, according to analysts from BNP Paribas. (Reporting by Natalie Thomas; Editing by Jacqueline Wong)

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