Hong Kong stocks fall from their highs

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Source: Dukascopy Bank SA
Hong Kong blue chips dropped, with the benchmark index heading for its first decline in three days after Chinese Manufacturing contracted prior to the National People's Congress next week where the next growth target will be set. The Hang Seng Index retreated 0.6% to close at 22,880.22 at the close, cutting the weakly gain to 0.4%. Five out of nine groups in the gauge inched lower. Utility shares posted the biggest increase of 1.4%, while basic materials slumped nearly 2%. China Life Insurance shares dropped as much as 0.6% to $HK23.15 as the insurer said to have a decline in its profit of about 40% on lower investment yields and bigger-than-expected impairment losses. Furthermore, Hengan International Group lost as much as 0.7% to close at $HK78.15, while COSCO Pacific Group decreased 0.8% and dragged down financials that erased 0.9%.
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