By V. Phani Kumar
HONG KONG (MarketWatch) -- Hong Kong shares declined early Friday as Chinese banks and commodity producers retreated on concerns Beijing might raise interest rates to cool inflation and after an overnight retreat on Wall Street. The Hang Seng Index (HK:HANGSENG 24,451, -249.53, -1.01%) shed 1.2% to 24,406.89. The Hang Seng China Enterprises Index lost 1.7% to 13,854.55 in line with stock losses on the mainland, where the Shanghai Composite (CN:SHCOMP 2,994, -153.64, -4.88%) shed 1% to 3,116.31. Among shares of Chinese firms traded in Hong Kong, Bank of China Ltd. (BACHY 15.30, -0.13, -0.84%) (HK:3988 4.57, -0.10, -2.14%) lost 2.1% and Industrial & Commercial Bank of China Ltd. (HK:1398 6.71, -0.11, -1.61%) (IDCBY 44.65, +1.90, +4.44%) gave up 1.5%, with Aluminum Corp. of China Ltd. (HK:2600 7.52, -0.22, -2.84%) (ACH 24.80, -0.13, -0.53%) losing 2.7% and China Shenhua Energy Co. (CSUAY 48.80, +0.10, +0.21%) (HK:1088 36.10, -1.55, -4.12%) falling 4%. Refiners reversed Thursday's strong gains, with China Petroleum & Chemical Corp., or Sinopec (HK:386 7.83, -0.11, -1.39%) (SNP 101.96, -0.61, -0.60%) , falling 1.8% and PetroChina Co. (PTR 135.10, -1.36, -0.99%) (HK:857 10.44, -0.06, -0.57%) declining 1.9%. |
