HK shares edge lower in listless trading
The Hang Seng Index dropped 0.1 percent to 20,699.19 at the close Tuesday.
Hong Kong shares inched down on Tuesday in the lowest turnover in seven sessions, dragged down by weakness in mainland Chinese markets.
China Merchants tumbled 3.3% at HK$28.00 after rising 12% over the past four sessions while China Shipping Container Lines fell 0.4% at HK$2.27, retreating from a 33% rally during the same period.
Orient Overseas also ended 0.6% lower at HK$47.50 after rising 18% in the past four days.
Blue chip developer China Overseas Land was down 1.0% at HK$14.48 on diminishing hopes of liquidity easing.
Exporter Esprit jumped 4.8% to HK$13.66, bucking the downtrend, as 2011's worst-performing blue chip continues to attract bargain-hunting interest amid hopes of a gradual global economic recovery.
Blue-chip Hutchison rose 0.2% to HK$76.45 as its acquisition of Orange Austria will likely hold strategic merit for the port-to-telecoms conglomerate, said Goldman Sachs in a note.
The Hang Seng Index last week posted its longest weekly winning streak since October 2010 as positive U.S. economic reports boosted optimism global demand will grow.
Companies in the gauge traded at 10.5 times forecast earnings, down from 14.4 times at the beginning of 2011.
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