Hong Kong benchmark off 5-month high

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Hong Kong - Hong Kong's main stock index slipped from a five-month high on Wednesday, hit by a slumping property sector as investors sold off the shares of developers after recent strong gains.

The Hang Seng Index closed down 0.6 percent at 23,151.71 points, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong shed 0.5 percent.

Both indexes suffered their biggest declines in almost a month.

Property stocks were some of the heaviest hit following a recent rally in the sector.

Henderson Land Development shed 2.8 percent, while Sun Hung Kai Properties was off 1.7 percent.

Chinese developers listed in Hong Kong also fell on concerns over a slowdown in China's housing market that could affect sales. China Overseas Land & Investment and China Resources Land were down 2.2 and 2.3 percent, respectively.

Link Real Estate Investment Trust (REIT) edged up 0.2 percent to close at a one-year high after corporate earnings for the year ended March 31.

The company posted a 14 percent growth in distributable income from a year earlier. - Reuters



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