Hong Kong shares close lower

Hong Kong share prices retreated 1.2 percent with a shrinking turnover Wednesday.

The blue-chip Hang Seng Index dropped 147.84 points to finish at 11,950.46. On Tuesday, the index rose 147.68 points, or 1.2 percent. Trading volume fell to 13.68 billion HK dollars (1.75 billion US dollars), down from Tuesday's 14.43 billion HK dollars (1.85 billion US dollars).

The four major sub-indices all lost grounds. The Finance, Utilities, Properties and Commerce; Industry shares fell 0.18 percent, 0.93 percent, 2.72 percent and 1.99 percent, respectively.

Hang Seng China Enterprise Index fell 41.32 points, or 0.97 percent to close at 4,217.96 on Wednesday.

Heavyweight Cheung Kong Holdings sank 2.5 percent to 58.75 HK dollars, while rival Sun Hung Kai Properties yielded 2.6 percent to 66.00 HK dollars. Henderson Land also lost 3.7 percent to 33.80HK dollars. Hang Lung Properties gave up 3.3 percent to 10.25 HK dollars.

Among exporters, micro motor maker Johnson Electric dived 4.0 percent to 7.30 HK dollars, while Li Fung edged down 1.6 percent to 12.70 HK dollars.

Elsewhere, Chinese telecoms also succumbed to selling. China Mobile, the Chinese mainland's biggest mobile phone operator, slipped 2.8 percent to 21.10 HK dollars, while rival China Unicom was down 1.7 percent to 5.85 HK dollars.

Source: Xinhua