HK stocks edge back, but are still ahead 6.8pc over the past fortnight
Hang Seng Index closes at 21,964.27. However, market watchers fear momentum will struggle in the absence of monetary easing policies
Hong Kong stocks slid slightly on Friday from the new high for this year reached earlier in the week, retreating below the technical threshold of 22,000 points.
The reverse came after a pullback in US and European markets amid concerns related to corporate earnings growth, said market watchers who hold mixed forecasts for Hong Kong stocks.
The Hang Seng Index shed 0.16 per cent or 36.22 points to 21,964.27, while the Hang Seng China Enterprises Index lost 0.28 per cent or 25.15 points to 9,031.93.
The market turnover in Hong Kong was HK$ 51.97 billion, shrinking to the lowest level in two weeks.
Telecommunication stocks were the biggest losers, down 1.23 per cent on average as a group. China mobile, the most heavily traded stock in the city, retreated 1.48 per cent to HK$ 96.55 after it surged 3.18 per cent on its Thursday announcement of 4G mobile subscribers increase.
CGN Power and China Shenhua Energy were the worst performed constituents among the H-share Index, retreating from big gains on Thursday after CGN Power’s parent firm, China General Nuclear Group, denied it was in merger talks with Shenhua’s parent firm. CGN Power shares plunged 5.44 per cent to HK$2.26, while Shenhua shares fell 2.04 per cent to HK$14.44.