hong kong shares prices monday july 11 2011 ; Banks led a broad decline in Hong Kong shares on Monday as investors took profit after three straight weeks of gains following disappointing economic data from the United States and China.
The benchmark Hang Seng Index closed down 1.67 percent at 22,347.23. The China Enterprises Index closed down 2.03 percent at 12,497.32.
Over on the mainland, utilities helped the Shanghai Composite Index finish up 0.18 percent at 2,802.69, negating losses in large cap financials and energy.
HIGHLIGHTS:
* Turnover on Monday was the lowest in six weeks with less than 10 percent of the 45 constituent stocks on the benchmark Hang Seng Index exceeding its 30-day average volume.
* Chinese sportswear maker China Dongxiang (Group) Co Ltd plunged more than 15 percent in volume almost 14 times its 30-day average after it said it expected lower profit margins and sales for the first half, echoing a similar warning from Li Ning Co Ltd last week and dragging peers Anta Sports Products Ltd down more than 8 percent in volume almost six times its 30-day average.
* There was no respite for Chinese banks, which resumed their slide after a brief recovery last week that came partly on short-covering. On a day of particularly light turnover in Hong Kong, China Construction Bank Corp fell more than 2 percent in relatively healthy volume as another potential stake sale continued to trump historically low valuations. The lock-up period for Bank of America's 10.2 percent stake, valued at about $19 billion, expires next month and shares are unlikely to see a big move higher until that is out of the way
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