Hong Kong shares close down

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HongKong111

Hong Kong - Hong Kong shares reversed early gains on Monday, as investors took profit on Chinese insurers after mainland regulators approved HSBC's sale of its remaining stake in Ping An Insurance.

The Hang Seng Index ended down 0.2 percent at 23,685 points, faltering at chart resistance around 23,900 for the second time in four days. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.5 percent.

In the mainland, the CSI300 of the top Shanghai and Shenzhen A-share listings ended up 0.2 percent at 2,748 points, its highest close since November 2011. The Shanghai Composite Index gained 0.4 percent.

HIGHLIGHTS:

* Shares of Bank of China climbed 1 percent to its highest close since June 2011. Gains nearing 43 percent from a September 5 low have now prodded BOC's relative strength index (RSI) values to its most overbought level since October 2010.

* Ping An Insurance dropped 2.8 percent to HK$68.90 in an intra-day reversal, but stayed above the HK$59 per share level that HSBC had priced its stake sale. Late on Friday, the China Insurance Regulatory Commission approved the sale of HSBC's remaining $7.4 billion stake in the mainland's second-largest insurer to a group controlled by Thailand's richest man. - Reuters


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