Business

Hong Kong shares down 0.3%, Chinese markets drag

by fm

18th February 2013

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1 min read

Hong Kong shares fell as investors were disappointed by underperformance in Chinese onshore markets, which reopened on Monday after the Lunar New Year holiday.

The Hang Seng Index closed down 0.3% at 23,381.94. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.9%.

In the mainland, the CSI300 of the top Shanghai and Shenzhen A-share listings ended down 1.2% at 2,737.47 points. The Shanghai Composite Index fell 0.5%.

Hong Kong investors reacted to signs of softening on mainland exchanges, with Chinese insurers and banks weak. Shares in Industrial and Commercial Bank of China (ICBC), the world's biggest bank, fell 0.7%, while Bank of China was down 0.3%.

Energy stocks were mostly down as the recovery in China failed to drive up coal prices. China Coal Energy fell 2%, while China Shenhua Energy Co dropped 1.8%.