Hong Kong shares follow China markets down

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IOL pic jun4 yellow green market arrows . File photo: Filomena Scalise

Hong Kong - Hong Kong shares fell for the fourth consecutive day on Thursday, tracking steep losses in the China A-share markets where a resumption of initial public offerings is diverting funds away from already-listed stocks.

The Hang Seng Index inched down 0.1 percent to 23,167.73 points. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong dropped 0.9 percent.

On the mainland, the Shanghai benchmark slid 1.6 percent and closed below a 100-day moving average.

Leading the losses on the Hang Seng were Chinese property developers, which extended Wednesday's losses after May home price data disappointed.

China Resources Land sank 3 percent, while China Overseas Land & Investment shed 2.6 percent.

Chinese insurers were broadly weaker. China Life Insurance , Ping An Insurance, China Pacific Insurance Group were all down more than 1 percent, the biggest drags on the H-share index. - Reuters


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