HK shares slip 1 percent tracking Shanghai losses
August 18th, 2008 | by admin |HONG KONG, Aug 18 (Reuters) – Hong Kong shares fell 1 percentin late Monday morning trade after opening flat, with the mainindex hitting a new 5-month low, as the mainland Chinese marketslid on growth and inflation worries.
Resources stocks led losses amid retreating internationalcommodity prices with the global economic slowdown seen softeningdemand. Offshore oil producer CNOOC (0883.HK: Quote, Profile, Research, Stock Buzz) was 1.7 percentlower while China Shenhua Energy (1088.HK: Quote, Profile, Research, Stock Buzz), the world’s mostvaluable coal miner, tripped 4.9 percent.
The world’s largest contract manufacturer of handsets,Foxconn International Holdings (2038.HK: Quote, Profile, Research, Stock Buzz) plunged 14.6 percentafter warning of a significant decline in first half earningslate Friday.
The Hang Seng Index .HSI was down 203.71 points at20,956.87.
The China Enterprises Index .HSCE of top locally-listedmainland firms dropped 1.8 percent, tracking the 3 percent fallon the Shanghai Composite Index .SSEC.
(Reporting by Parvathy Ullatil; editing by Keiron Henderson)