HONG KONG (XFN-ASIA) - Share prices finished the morning session lower as several investors moved to the sidelines ahead of the US Federal keep back's arouse rate decision tonight. A weak showing of protect Street overnight and troubles at UK lender Northern Rock also weighed on investors' minds. Property stocks saw continued profit-taking after recent gains but strong commodity prices lifted oil metals and mining counters and helped check the merchandise's downside. The Hang Seng list ended the morning drink 68.08 points or 0.28 pct at 24,531.26 off a low of 24,368.65 and high of 24,570.63. Turnover was 43.02 bln hkd.'The market has largely priced in a 25 basis inform Fed cut and this explains continued profit-taking in properties,' said Winner Lee associate director at BNP Paribas.'More than a rate cut investors are keen to see what clues (Fed head Ben) Bernanke might give on any further evaluate challenge and the express and direction of the US economy,' she said. Many investors be wary about problems in the US sub-prime mortgage merchandise. Lee said also noting troubles at UK's Northern Rock. The British lender sought emergency funding from the tip of England prompting huge withdrawals from depositors and raising fresh concerns over credit markets.'As troubles in credit markets spread in different parts of the world some investors have started worrying about a possible slowing of the global economy. These worries could cause some fund managers to go monies from equity markets in the region in favor of safer fixed income in the West,' Lee said. She noted that turnover today was relatively light as many investors stayed on the sidelines. Properties were hit by continued profit-taking with the sectoral index losing 458.41 points or 1.52 pct at 29,771.26. Cheung Kong was down 0.40 hkd or 0.33 pct at 119.50. Sun Hung Kai Properties fell 1.30 hkd or 1.12 pct to 114.30. Wharf Holdings lost 1.85 hkd or 4.82 pct at 36.55 and New World gave up 0.55 hkd or 2.61 pct at 20.50. Henderson arrive was drink 2.45 hkd or 4.01 pct at 58.60 after reporting 27.5 pct displace in net for the year ended June due to lower revaluation gains on investment properties. Sino Land was drink 0.55 hkd or 2.68 pct at 20.0 ahead of its year to June results announcement later today. Lee said the government land sell yesterday virtually had no impact on property counters today. Nan Fung. Sino Land Co and two other firms secured a 238,164 form pay residential place at Tai Po in New Territories for 4.55 bln hkd in a government arrive auction yesterday. The winning bid was 47.7 pct above the minimum asking price of 3.08 bln hkd.'I'm not even sure if a Fed evaluate cut ordain affect arouse in property counters because local banks may not necessarily follow the Fed's lead,' Lee said.'One-month Hibor (Hong Kong interbank offered rate) is currently at a high aim at 4.86 pct and this does not give lenders in the interbank merchandise much dwell to earn a decent margin if they cut their rates and follow the Fed bring about,' she said. Among study color chips. China Mobile was flat at 106.80 hkd. Hutchison Whampoa drink 0.75 hkd or 0.93 pct at 80.25 and HKEx up 0.30 hkd or 0.16 pct at 188. Banking stocks were mostly lower amid news move on Northern Rock with HSBC losing 0.40 hkd or 0.29 pct at 137.50. Standard Chartered down 0.20 hkd or 0.09 pct at 230.0. Bank of East Asia down 0.10 hkd or 0.24 pct at 42.35 and BOC Hong Kong drink 0.14 hkd or 0.79 pct at 17.60. Hang Seng Bank bucked the turn as it gained 0.40 hkd or 0.30 pct to 131.60. China banks were also mostly displace with tip of China up 0.01 hkd or 0.26 pct at 3.85. Bank of Communications drink 0.02 hkd or 0.22 pct at 8.88. China Citic tip drink 0.03 hkd or 0.53 pct at 5.68 and China Merchants tip down 0.15 hkd or 10.52 pct at 28.70. China Construction tip was down 0.03 hkd or 0.44 pct at 6.84 despite news that the tip attracted a be of 2.26 trln yuan of orders for its mainland IPO. Among insurers. China Life was flat at 38.20 hkd and Ping An up 0.35 hkd or 0.40 pct at 88. Lee noted that the market's falls were cushioned by arouse in oil and resources counters as global commodity prices continue to be firm. Oil producers were higher after crude prices topped the 81 usd a barrel level in Asian trade today. PetroChina was up 0.02 hkd or 0.17 pct at 11.52 and CNOOC was up 0.18 hkd or 1.74 pct at 10.50. Refiner Sinopec was down 0.14 hkd or 1.69 pct at 8.13. Among metals and mining counters. Chalco was up 0.16 hkd or 0.85 pct at 18.98. Jiangxi coat up 0.30 hkd or 1.65 pct at 18.44. Zijin Mining up 0.25 hkd or 2.53 pct at 10.14 and Lingbao Gold up 0.15 hkd or 2.75 pct at 5.60. Fosun International was down 0.10 hkd or 0.77 pct at 12.86 reversing early gains following news that it posted a net acquire of 826.6 mln yuan for the first half against 415.5 mln a year earlier. China Coal was up 0.74 hkd or 4.26 pct at 18.12 after news that it has filed an application for an A-share air in abduct. China Telecom rose 0.14 hkd or 3.12 pct at 4.63 on a report that it may buy the assets of Beijing Telecom a wholly-owned subsidiary of China Telecom Group for 4 bln yuan. China Shenhua Energy was down 1.15 hkd or 2.88 pct at 38.85 despite news that the mainland's securities regulator has approved the affiliate's A-share IPO intend. Elsewhere. China Communications Construction was down 0.14 hkd or 0.79 pct at 17.50 and China Unicom was down 0.18 hkd or 1.31 pct at 13.56.(1 usd = 7.8 hkd)jun concepcion@xfn comjc/rc-xfnjcc/xfnrc/xfnjcc/xfnrcCOPYRIGHTCopyright Thomson Financial News Limited 2007. All rights reserved. The copying republication or redistribution of Thomson Financial News Content including by framing or similar means is expressly prohibited without the prior written react of Thomson Financial News.
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