Hong Kong shares slipped 0.24 percent on Thursday following losses on Wall Street and as traders remain wary over the Crimean crisis. The benchmark Hang Seng Index lost 53.30 points to finish at 21,834.45 on turnover of HK$88.11 billion (US $11.37 billion). Investors are keeping an eye on events in Europe after Russia took control of Crimea from Ukraine this month.
In Washington, US Defence Secretary Chuck Hagel said Russia had moved more troops closer to Ukraine's borders in recent days despite assurances it will not invade. While tensions have eased, markets remain wary as President Barack Obama said Wednesday that the United States and its allies needed to stand firm in opposing Moscow's take-over of Crimea.
In Hong Kong, internet company Tencent fell 5.8 percent to HK$521.50, Citic Pacific lept 12.9 percent to HK$14.30 while Bank of China Hong Kong slid 6.2 percent to HK$21.95 after an unexpected dividend cut. In China the benchmark Shanghai Composite Index fell 0.83 percent, or 17.08 points, to 2,046.59 on turnover of 95.0 billion yuan ($15.3 billion).
The Shenzhen Composite Index, which tracks stocks on China's second exchange, lost 1.98 percent, or 21.53 points, to 1,067.32 on turnover of 105.8 billion yuan. Investors were awaiting the government's announcement next week of the official purchasing managers' index (PMI) for March, after British bank HSBC said this week that its preliminary measure of PMI fell to an eight-month low.
Concerns over tight liquidity resurfaced after the central bank said Thursday it drained 52 billion yuan from the interbank system through its regular open market operations. China Minmetals Rare Earth lost 3.26 percent to 17.80 yuan while Baotou Steel Rare-Earth dropped 2.62 percent to 20.43 yuan.
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