China Resources Enterprise Ltd. dropped 2.4 percent after the retailer was downgraded at Jefferies Group on disappointing earnings. CSPC Pharmaceutical Group Ltd. sank 5.8 percent after a major stakeholder said it would sell shares at a discount. Lenovo added 1.9 percent. Lenovo climbed 1.9 percent. Dongfeng Motor Group Co. led Chinese automakers higher as the government seeks to replace older vehicles to curb pollution.
The Hang Seng Index slipped 0.2 percent to 22,917.53 at the break in Hong Kong after rising 0.1 percent earlier. Volume was about 47 percent lower than the 30-day average. The Hang Seng China Enterprises Index, also known as the H-share gauge, lost 0.5 percent to 10,074.15. A report on China��s industrial profits for April is due tomorrow.
The Hang Seng Index rose 3.7 percent this month through yesterday, the third-best performer among major developed markets tracked by Bloomberg. The Standard & Poor��s 500 Index climbed to a record at the end of last week, closing above 1,900 for the first time, on data showing new-home purchases climbed in April. U.S. markets were closed for a holiday yesterday.
Copy Source: Bloomberg