Hong Kong shares decline

Hong Kong stocks fell 0.45 percent on Thursday with investors cautious before the earnings report by China Mobile Ltd, while oil stocks dropped on the lowest crude prices in nearly eight weeks.
Investors booked recent sharp gains in mainland insurers such as Ping An Insurance Co, which plans to become China's first insurer to enter the fledgling but potentially huge credit card market through a deal with a local bank, industry sources said on Thursday. The benchmark Hang Seng index shed 77.98 points to close at 17,373.05, a day after it closed at a six-year high.
Turnover was HK$27.3 billion (US $3.5 billion) compared to Wednesday's HK$28.5 billion. Some analysts said the day's weakness could presage further declines.
"The market has reached a short-term peak of 17,500," said Castor Pang, strategist at SHK Financial Group. "When the index is away from the 50-day moving average, then there's a high opportunity for an adjustment. At the index's current level, it's easier to push it down. We could fall as low as 17,000."
China Mobile, the world's top wireless carrier, ended down 1.2 percent at HK$51.70. It was set to post its smallest quarterly earnings growth in a year after the market's close. "China Mobile results have been priced in the market so there should be no surprises at this point," Pang said.
Ernie Hon, strategist at ICEA Securities, said: "If China Mobile results are not very far above expectations, there may be consolidation for the stock." Offshore oil producer CNOOC Ltd slid 3.1 percent to HK$6.93 after crude prices fell for a fourth day on Thursday after US data showed crude stocks were relatively robust.
Oil producer PetroChina Co Ltd sank 1.4 percent to HK$8.93. Ping An halted its three-day gaining streak, dropping 3 percent to HK$25.85. Citigroup earlier cut its rating on Ping An to "Sell/Low Risk" from "Hold/Low Risk", saying it expected slower net profit growth for China's second-largest life insurer. Investors also booked profits in rival China Life, which ended down 1.4 percent to HK$13.74. Nonlife insurer PICC Property and Casualty Co fell 2.5 percent to HK$3.12.
PC maker Lenovo Group Ltd was the top blue chip gainer. It tracked US tech shares higher, jumping 5.6 percent to HK$2.83 after computer and printer maker Hewlett Packard Co said quarterly profit surged from a year earlier. Lenovo on Thursday named the former president of Dell China, David D. Miller, as its president of Asia Pacific.