Hong Kong closes at lowest in two weeks

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Hong Kong - Hong Kong's benchmark index finished at a two-week low in choppy conditions on Thursday, hurt by continued weakness in the Chinese onshore market and poor corporate earnings.

The Hang Seng Index closed down 0.7 percent at 24,741.00 points.

It opened up 0.6 percent on a firmer Wall Street but swung as much as 1 percent lower during the session.

Analysts said the volatility was related to index futures settlement on the day.

The China Enterprises Index of the leading offshore Chinese listings in Hong Kong sank 1.3 percent in its worst day in four weeks.

PetroChina was the top index drag, sliding 2.8 percent from its highest in more than two years.

Chinese banks were also weaker after earnings from some major lenders showed slower profit growth in the second quarter.

China Construction Bank and Industrial and Commercial Bank of China both shed 1.2 percent.

China Mengniu Dairy slumped 6.7 percent after first-half results failed to deliver any positive surprise.

China Cinda Asset Management also dived 7.1 percent after earnings. - Reuters



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