Hong Kong blue chips decline

Hong Kong blue chips eased 0.09 percent on Tuesday, tracking weak global equities, as caution ahead of a Federal Reserve rate-setting meeting prompted some investors to lock in profits in recent gainers.
But record high oil prices lifted shares in some resource companies, with oil producer CNOOC Ltd jumping 3.3 percent to HK$10.66 and PetroChina Co Ltd, Asia's top oil and gas firm, climbing 0.87 percent to HK$11.60. The benchmark Hang Seng Index fell 22.49 points to end at 24,576.85, just 1.6 percent off its all-time high hit on Friday. The China Enterprises Index of Hong Kong-listed mainland companies edged up 0.39 percent to 14,733.62.
"The market does need to back off and form a base before it can really break through the 25,000 level," said Howard Gorges, director for South China Brokerage. "The market is ready to respond to good or bad news."
Mainboard turnover was HK$80.5 billion (US $10.32 billion), just short of Monday's HK$81.1 billion. China Coal, which hit a life high of HK$18.56, surged nearly 6.6 percent to HK$18.52 after the coal producer said its first-half net profit had nearly doubled. It was also planning to invest nearly $1.4 billion in 2007 and sell shares to fund expansion.
But the Hang Seng property sub-index, which had rallied recently, slid 0.67 percent, with Hang Lung Properties losing 2.5 percent to HK$30.70. Hong Kong property developer Henderson Land Development Co Ltd lost 2.78 percent to HK$59.35 after saying its yearly net profit fell 27.5 percent to HK$9.82 billion.
And shares of Sino Land, which was part of a consortium that paid HK$4.55 billion (US $584 million) for a plot in a government land auction on Monday, ended 1.7 percent lower at HK$20.20. Datang Power fell 3.52 percent to HK$7.94 after Deutsche Bank downgraded China's second-largest listed electricity producer to sell from hold, due to the latest tariff cut at two power plants owned by the company.The investment bank also cut its target price for Datang to HK$5.2.
But China Gas Holdings Ltd soared 10 percent to HK$3.52. Goldman Sachs initiated coverage of the stock with a buy rating on strong earnings growth and higher returns due to new projects, and aggressive expansion into the New Territories, according to a research note dated September 17.