Hong Kong shares hit four-week low as China growth concerns weigh

PUBLISHED : Friday, 24 May, 2013, 3:49pm
UPDATED : Friday, 24 May, 2013, 4:50pm

Hong Kong shares extended losses on Friday to fall to their lowest in almost a month as the property sector sagged over concerns that China’s economic recovery may be stalling.

The Hang Seng Index slipped 0.2 per cent to 22,618.7 points, the lowest level since April 29.

The China Enterprises Index of the top Chinese listings in Hong Kong fell 0.2 percent. On the week, they were down 2 and 2.7 per cent, respectively.

The CSI300 of the leading Shanghai and Shenzhen A-share listings rose 0.6 per cent, while the Shanghai Composite Index also closed up 0.6 per cent at 2,288.5 points. On the week, they both rose 0.2 per cent in their fourth-straight weekly gain.

Chinese property developers were broadly weak. China Vanke fell 0.8 per cent in Shenzhen after testing its highest since February 5 on Thursday.

In Hong Kong, China Overseas Land dropped 1.7 per cent, while China Resources Land fell 0.4 per cent.

Lenovo Group rose 3.8 per cent to its highest in almost two months, helped by a slew of price target upgrades by brokerages after the Chinese PC marker reported a forecast-beating quarterly profit.