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Hong Kong stocks close 0.46% lower

(Xinhua)
Updated: 2009-04-07 16:46

Hong Kong stocks moved down 69.07 points, or 0.46 percent, to end at 14,928.97 on Tuesday.

The benchmark index fluctuated between 14,743.71 and 14,994.76 during the day.

Turnover dropped to HK$50.93 billion ($6.58 billion) from Monday's HK$62.19 billion.

Analysts said they expect the blue-chip index to resume its rise to test 15,800 points in the coming sessions, tracking the recent strength in Chinese stocks, which ended at a seven month-high Tuesday.

Related readings:  HK stocks soar with sharp gains of property companies  PCCW buyout bid secures green light

Louis Tse, investment strategist at Value Convergence CEF, said Tuesday's consolidation was well expected because the benchmark index appeared overbought after the recent rally.

But he said the index could regain strength and reach the year-to-date high of 15,763 points by the end of May, underpinned by the recent robust performance of global equities.

China-related financial stocks generally outperformed their blue-chip peers, helped by gains in the Shanghai stock exchange.

The Shanghai Composite Index ended up 0.8 percent at 2439.18, the highest level since August 20.

Bank of China rose 1.9 percent to HK$2.73 and ICBC gained 1.7 percent to HK$4.26, Bank of Communications climbed 1.7 percent to HK$6.10, and China Construction Bank was up 1.3 percent at HK$4.72 .

Fixed-line telecom operator PCCW ended up 0.5 percent at HK$4.00, off a high of HK$4.12, on resuming trade after Hong Kong's High Court Monday ruled in favor of the company's $2.1 billion buyout plan.