Profit-taking following the benchmark index's 7.6 percent gain over the past four sessions snapped the Hong Kong market's rising streak and pushed the index lower Tuesday.
The blue-chip Hang Seng Index fell 267.07 points, or 1.1 percent, to 24,311.69 after trading between 24,212.60 and 24,557.43 during the session.
Turnover slipped to 87.74 billion HK dollars (11.28 billion U.S. dollars) from Monday's 99.47 billion HK dollars (12.78 billion U.S. dollars).
Traders said that while some investors think the bear market rally is almost over, more people are now aiming at the 26,000-point level or beyond.
Recent gains on Wall Street and market expectations of government measures to support China's A-share markets ahead of the Beijing Olympics in August have caused some investors to turn more bullish.
Dairy product manufacturer China Mengniu Dairy slid 5.6 percent to 21.00 HK dollars after it posted a 2007 net profit that was below expectations. Mengniu said net profit for the 12 months ended Dec. 31 was 935.8 million yuan (about 133.69 million U.S. dollars), up 29 percent from 727.4 million yuan (about 103.91 million U.S. dollars) the previous year.
Index heavyweights China Mobile and HSBC fell largely in tandem with the index's fall. China Mobile dropped 2 percent to 125.80 HK dollars and HSBC fell 0.5 percent to 131.10 HK dollars.
Yue Yuen, the world's largest athletic footwear by output, edged 0.2 percent lower to 24.90 HK dollars after investment bank Credit Suisse warned Yue Yuen's current margin is "not sustainable amid rising material costs and rental rates in China."
(Xinhua News Agency April 9, 2008)
