Hong Kong stocks fell nearly a third of a percent on Thursday with property stocks among the biggest losers ahead of earnings from one of the city's largest developers. Rate jitters ahead of a US rate meeting next week also pressured rate-sensitive property shares and kept investors sidelined.
The market shut just before Sun Hung Kai Properties Ltd announced a 50 percent rise in annual net profit thanks to surging home prices.
But analysts expect the figures to do little to boost the market.
"It's within expectations. But the market seems to be more worried about interest rates than corporate announcements. That will pressure stocks," said Francis Lun, managing director at Fulbright Securities.
Sun Hung Kai shares closed down 0.85 percent to HK$81.55 just ahead of the announcement. The Hang Seng Properties sub index fell 0.88 percent.
The blue chip Hang Seng Index fell 0.3 percent, or 45.60 points, to 15,401.
The index has drifted between 15,000 and 15,300 for most of the month with investors awaiting fresh catalysts including a US rate meeting, and a government land auction at the end of the month.
Volume was below recent averages with HK$15.6 billion ($2 billion) worth of shares exchanged.
Trade is expected to be thin for the rest of the week with the market shut for a public holiday on Monday.
CNOOC Ltd was one of the few major blue chip movers of the day. China's top offshore oil producer rose 1.87 percent to HK$5.45 after crude prices surged above $65 a barrel on fresh supply worries.
China's largest oil producer, PetroChina Co Ltd, rose 0.8 percent to HK$6.20.
State-owned Chinese container shipping major China COSCO Holdings Ltd fell 3.16 percent to HK$3.82 after posting a 42 percent rise in first-half earnings. The firm did not propose an interim dividend.
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