Hong Kong shares end down 0.2pc in first loss in five days
Hong Kong shares snapped a four-day winning streak on Wednesday, as investors took profit on Apple Inc suppliers on concerns that its new “low cost” iPhone model will not be competitive in its target emerging markets.
The Hang Seng Index ended down 0.2 per cent at 22,937.1 points in its first daily loss since September 4. The China Enterprises Index of the top Chinese listings in Hong Kong fell 0.6 per cent.
Both indexes reversed early gains after starting the day higher. Such an intra-day reversal suggests more short-term weakness may be in store.
Apple unveiled an iPhone with a fingerprint scanner on Tuesday to help it stand out in a crowded field of similar smartphones, plus a cheaper plastic model for emerging markets that proved pricier than expected.