Mainland markets retreat for second day, Hong Kong rises
Mainland markets retreated for a second day led by auto and property shares. The Shanghai Comprehensive Index lost 0.48 percent to 2753.89, paring the weekly gain to 4.59 percent. The SME Comprehensive Index slid 0.22 percent to 4224.13.
Hong Kong stocks advanced, led by oil producers. The Hang Seng Index added 0.96 percent to 18679.53, ending the week with a 2.8 percent gain. The Hang Seng Growth Enterprises Index advanced 1.78 percent to 569.91. The Hang Seng China Enterprise Index gained 1.45 percent to 10862.05.
Taiwan's TAIEX Index slid 0.28 percent to 6767.10.
Auto shares lost 2.3 percent on average. SAIC Motor Corporation Limited (SH:600104), China’s largest auto maker, declined 3.76 percent. Changchun FAWAY Automobile Components Co.(SH:600742) lost 4.05 percent.
Property shares declined averagely 1.8 percent. China Vanke Co. (SZ:000002), the nation’s largest listed property developer, declined 1.57 percent. Poly Real Estate Group Co. (SH:600048), the second largest, lost 1.13 percent. Gemdale (SH:600083), the fouth largest, fell 1.57 percent.
PetroChina (SH:601857;HK:0857), the country’s biggest oil producer, advanced 2.96 percent on Hong Kong trading but slid 0.07 percent on Shanghai trading. Cnooc Ltd. (HK:0883), China’s largest offshore oil producer, jumped 4.7 percent.
Aluminum Corporation of China (SH:601600;HK:2600) retreated 2.07 percent on Hong Kong after the rejection of its $19.5 billion investment in Rio Tinto.
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