Hong Kong shares tumble

Hong Kong stocks retreated from earlier gains to end lower on Thursday as investors took profits on some Chinese stocks following their recent strength.
The benchmark Hang Seng index, which opened 0.30 percent higher, finished 0.37 percent, or 55.95 points, lower at 15,045.59 points. The index, which fell 0.54 percent on Wednesday, has risen 5.7 percent so far this year through Thursday's close.
"Strong profit-taking interest emerged in late trade following the recent window dressing buying," said Alfred Chan, chief dealer at Cheer Pearl Investment. "The momentum was not strong enough to sustain the recent gains."
Turnover increased to HK$17.4 billion (US $2.2 billion), compared to HK$13.6 billion on Wednesday.
Shares of China Mobile (Hong Kong) Ltd, the third most heavily traded stock, fell 1.3 percent to end at HK$37.7 on Thursday. The stock, which hit its all-time high of HK$39.90 earlier in December, has risen 43.1 percent so far this year.
Chinese banking and financial stocks continued to shine on anticipation that the firms would benefit from a stronger Chinese currency. The Chinese enterprises H-shares index up 0.67 percent on Thursday or rising 12.6 percent so for this year. China Construction Bank's, the second most heavily traded stock, rose 2.9 percent to a record high of HK$2.70 before closing at HK$2.675.
Shares of Bank of Communications gained 0.7 percent to HK$3.525 and shares of Bank of China Hong Kong rose 1.7 percent to end at HK$15.
Shares of China Life, which have surged 31.7 percent this year, ended 0.7 percent down at HK$6.85 after the stock rose to a new 52-week high of HK$7 earlier today.
Shares of HSBC Holdings, the most heavily traded stock, also ended 0.3 percent lower at HK$124.9. The stock has lost 6.1 percent this year through Thursday.
Shares of China Rare Earth Holdings Ltd surged 7.6 percent to HK$0.71 after the refractory products maker said it would buy a magnesium grains supplier in Liaoning province for HK$115.4 million. The stock has fallen 30.4 percent so far this year.
Shares of China's largest cement maker Anhui Conch Cement Co Ltd rose 3.2 percent to HK$9.55 on Thursday, the highest level for this year.
Shares of Jiangsu Expressway Co Ltd gained 1.7 percent to HK$4.525 after the toll road operator said its entire eight-lane Jiangsu Expressway in China's Jiangsu province will be opened to trucks from January 1, 2006 and expects the opening of access to boost its toll fee revenue.
Shares of Hongkong Electric Holdings Ltd fell 0.6 percent to HK$38.60. The company said financial arrangements for the construction of a 1,400 megawatt gas-fired power station in Thailand had been completed.