Hong Kong shares decline

Hong Kong stocks ended lower on Tuesday following a decline in overseas markets after crude oil prices rebounded, sparking worry that higher energy costs will crimp consumer spending and raise business costs.
Investors also remained concerned about the outlook for interest rates with another rate increase widely expected next week.
The blue chip Hang Seng Index fell 1.11 percent or 168.21 points to end at 14,990.61 on Tuesday after losing 0.27 percent on Monday. "An interest rate rise was still a major concern haunting the market and preventing players from aggressively taking major positions," said Francis Lun, general manager from Fulbright Securities. "Participants took profit on lack of fresh incentives."
Turnover was at HK$20.8 billion ($2.7 billion) compared with HK$16.5 billion on Monday.
The market was trapped in a narrow band, suggesting the market would consolidate and was building up momentum to move up again, traders said.
Among the most heavily traded stocks, property blue chip New World Development Co Ltd bucked the market trend and surged 6.48 percent to end at HK$11.50.
The stock gained after Hong Kong stock exchange data showed that British-based hedge fund The Children's Investment Fund Management had boosted its stake in New World Development to 7.45 percent from 4.69 percent for HK$992.14 million.
Shares of Hong Kong first real estate investment trust Link REIT extended their recent gains and rose 2.63 percent to end at HK$13.65 after British-based The Children's Investment Fund Management had become a significant stakeholder with 17.95 percent of the units in issue.
"It's a funny situation. Valuation-wise it's (Link REIT) not attractive at this level, but still I don't see too much of a selling pressure either," said Herbert Lau, chief investment officer of CASH Asset Management.
Shares of TPV Technology Ltd rose 5.11 percent to HK$7.20 after the world's biggest maker of computer monitors said its third-quarter profit had risen 78 percent, as a global glut for the key panels used in its monitors continued to ease.
TPV, listed in both Hong Kong and Singapore, reported a third-quarter profit of US $41.6 million for the three months through September, compared with US $23.4 million a year earlier.
Stock of fast food chain operator Cafe de Coral Holdings Ltd fell 2.75 percent to end at HK$8.85 after it posted a 15.2 percent rise in interim profit to HK$135.6 million for the six-month period ended September 30.
Johnson Electric shares fell 5.66 percent to HK$7.50 after the company, the world's most valuable independent maker of micro-motors, posted a 24 percent drop in first-half profits on Monday, on higher copper and steel costs, lagging analysts' forecasts.