Hong Kong shares dip as FDI fall

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Source: Dukascopy Bank SA
© Scanpix/AP
Hong Kong shares ended lower on Tuesday amid lingering concerns over the eurozone's economy. European finance ministers are set to discuss Greek bailout terms later in the day. Moreover, Moody's cut France's debt rating from Aaa to Aa1 and kept a negative outlook. Domestic data also pushed Hong Kong shares lower. Chinese FDI plunged by annualized 0.24% last month, falling for the 10th consecutive month. The Hang Seng Index lost 0.16% to close at 21,228.28. Four in nine sectors included in the index climbed. The top-performers were technology firms, with Tencent rallying 2.28%. Tencent jumped after Nomura raised the company's share target to HKD180 from HKD146. Dragging Hong Kong blue chips index lower, consumer goods retreated 1.48%. Tingyi shed 3.7% after JP Morgan downgraded the firm's shares from ‘neutral' to ‘underweight'. Meanwhile, Citic Pacific dropped 4.33% after it filed a claim against Clive Palmer over royalties at Sino Iron project.


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