Hong Kong shares close down

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Hong Kong - Hong Kong shares reversed gains on Friday after higher-than-expected China inflation triggered profit taking in recent outperformers, snapping a two-week winning streak in the process.

The Hang Seng Index closed down 0.4 percent on the day and 0.3 percent on the week at 23,264.1 Points. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.7 percent on Friday and 0.8 percent this week.

The CSI300 of the top Shanghai and Shenzhen A-shares closed down 1.9 percent on the day and 1.6 percent on the week. The Shanghai Composite Index shed 1.8 percent on Friday and 1.5 percent this week.

 

HIGHLIGHTS:

* China's annual consumer inflation rate accelerated to a seven-month high of 2.5 percent in December on rising food prices, surpassing a 2.3 percent Reuters poll consensus and narrowing the scope for futher policy easing by the central bank to boost the economy.

* Inflation data accelerated losses in the Chinese property and brokerage sectors, outperformers in 2012 that have also started 2013 relatively strongly. Other growth-sensitive counters that were buoyed by China's superlative export data on Thursday were also among the bigger percentage losers on Friday.

* Citic Securities declined 2.1 percent after the official Shanghai Securities News reported that China's securities regulator has reprimanded China's largest listed brokerage for failing to disclose a decline in profitablity in Soochow Securities before its A-share initial public offering. - Reuters



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