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Hong Kong blue chips fell 0.6 percent and China plays snapped a five-session gaining streak on Tuesday as investors booked profits in mainland financials following their recent rebound. "We're seeing a bit of a breather before the market finds its focus again," said Matt McKeith, head of equity dealing at First State Investments.
"The debate on the US slowdown will be the focus in coming days, but I don't think the signs are there to change the psychology of the market." The benchmark Hang Seng Index closed down 109.28 points at 19,333.14 on turnover of HK$42.3 billion (US $5.4 billion), from Monday's HK$47.7 billion.
The China Enterprises index of H shares, or Hong Kong-listed shares in mainland companies, fell 0.9 percent to 9,268.84. China Mobile, the most active stock of the day, was the biggest drag on the blue chips, dropping 1.7 percent to HK$68.75.
Among Chinese financial stocks, China Life declined 1.8 percent to HK$21.45 and China Construction Bank fell 1.1 percent to HK$4.40. Top mainland lender Industrial & Commercial Bank of China slid 1.6 percent to HK$4.36.
The index of mainland lenders and insurers slumped 1.2 percent, breaking a five-session rising streak. Investors shed shares in Hong Kong Exchanges and Clearing Ltd amid low turnover, a day after its chief executive said equity funds raised in China could surpass those of Hong Kong.
HKEx ended the day down 1.1 percent at HK$76.85. Some property shares gave back their earlier gains following a government land auction that fetched high prices for sites in Tai Po, in the New Territories.
Some said investors were worried that developers were overpaying for land while others said the high prices fetched would help support property prices. Sino Land fell 2 percent to HK$16.74 and Cheung Kong slid 1.3 percent to HK$94.10. But Hang Lung Properties gained nearly 2 percent to HK$21.60 and Henderson Land climbed 1.4 percent to HK$43.65.

Copyright Reuters, 2007

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