Hong Kong shares fall

Hong Kong blue chips edged down on Friday as the Tokyo Nikkei average, which fell 1.55 percent, unsettled investors ahead of a raft of earnings reports due next week.
Several blue chips are due to report earnings in coming days, though all eyes will be on the results of market heavyweight HSBC Holdings Plc, which is expected to post earnings growth of 10 percent or more on Monday.
The benchmark Hang Seng index fell 0.51 percent to 15,802.00, losing 0.34 percent for the week after two days of profit-taking followed the fresh five-year highs set on Monday.
Turnover was brisk at HK$37.7 billion (US $4.8 billion), up 40 percent from Thursday's HK$26.9 billion. But despite the market's volatility of recent days, some analysts said the fundamentals remain sound.
"The market feels quite firm underneath; it just can't seem to get any traction at the moment," said John Schofield, director at Tempus Investment. With markets having already priced in the earnings expectations of companies due to report in the week ahead, Hong Kong stocks are expected to cling near current levels between 15,800 to 15,900.
"The good results have already been factored into the market," said Dale Tsang, managing director of GC Capital (Asia) Ltd.
"We've got to be sceptical." Portfolio adjustments to reflect the revisions to the Hang Seng indices when they take effect on Monday helped lift shares in China Netcom Group Corp and China Construction Bank Corp.
China Netcom, the newest Hang Seng index constituent, gained 2.14 percent to HK$14.30, while China Construction, which will join the China Enterprises index, jumped 3.5 percent to HK$3.70.
After a recent correction, H-shares rebounded, helped by rising resource and bank issues. The China Enterprises index of H-shares, or shares in Hong Kong-listed firms, rose 0.62 percent to 6,545.59.
Privatisation rumours fuelled Sinopec Shanghai Petrochemical Co Ltd, which surged 7.47 percent to HK$4.675, before hitting a record high, and Yizheng Chemical & Fibre Co, which ended the day at HK$2.125, a 3.7 percent gain.
Jiangxi Copper Co Ltd soared 4.71 percent to HK$5.0.
Top Chinese packaging paper supplier Nine Dragons Paper (Holdings) Ltd soared in its market debut to HK$4.75, 40 percent above its IPO price of HK$3.40 a share.