BREAKING NEWS

Hong Kong, China shares extend losses

By REUTERS

APRIL 23, 2013 07:25

HONG KONG - Hong Kong and China shares extended losses on Tuesday, led by cyclical sectors after a preliminary survey of manufacturing activity in April in the world's second-largest economy came in weaker than expected.

China's flash HSBC Purchasing Managers' Index for April fell to 50.5 from 51.6 in March, as Beijing said Chinese companies are still facing problems of overcapacity and have no strong desire to make new investments.

At 0232 GMT, the Hang Seng Index was down 1 percent at 21,828.7 points. The China Enterprises Index of the leading Chinese listings in Hong Kong shed 1.6 percent.

The CSI300 of the top Shanghai and Shenzhen A-share listings slid 2 percent, while the Shanghai Composite Index lost 1.6 percent. Both are headed for their worst daily loss since March 28.

The Chinese banking sector was among the leading index drags in both markets. Industrial and Commercial Bank of China fell 1.5 percent in Hong Kong and 0.5 percent in Shanghai.

Anhui Conch Cement tumbled 3.8 percent in Hong Kong and 4 percent in Shanghai after China's largest cement producer said its 2013 first-quarter net profit declined 22 percent from a year earlier.

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