(INDEXHANGSENG:.HSI)# The Hang Seng Index finished down 1.78 percent at 17,983.1.
Hong Kong shares lost ground on Thursday in the lowest turnover in a month as investors took profit in energy and material names on declining physical commodity prices, with the Hang Seng Index retracing its rebound from the October 4 low.
The Hang Seng Index finished down 1.78 percent at 17,983.1. The China Enterprises Index of the top Chinese listings in Hong Kong closed down 2.67 percent at 9,196.68 points.
The Shanghai Composite Index closed down 1.94 percent at 2,331.37 as weakness in energy, materials and insurance stocks dragged the benchmark to its lowest close in 31 months.
HIGHLIGHTS:
- Materials and energy counters headed losses as global physical commodities prices declined. Zijin Mining Group Co Ltd , the mainland's largest gold miner, slumped 6.6 percent as physical gold prices declined, poised for its fourth straight loss.
- Chinese insurers suffered after mainland media reported on Thursday that mainland regulators had made it tougher for insurers to raise funds by issuing subordinated bonds, requiring that they have been operational for more than three years and do not raise more than 50 percent of their total net assets. PICC Property & Casualty Co Ltd lost 10.2 percent, while China Life Insurance Co Ltd declined 6.7 percent, near a three-year low.
- In a sign that risk appetite for taking on single-stock exposure was low, retail investors were moving towards the warrants market in Hong Kong. On Wednesday, 42 percent of total turnover in Hong Kong was on warrants and callable bull/bear contracts (CBBC), the highest since early 2008, according to traders. Those based on the Hang Seng Index were the most actively traded, Thomson Reuters data showed. Read More
Category: INDEXHANGSENG:.HSI, Stock Market, Stock Price, Stocks Exchange
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