HK shares lower, developers fall

Hong Kong stocks retreated at midday today. The benchmark Hang Seng Index gave up 65.98 points at 23,911.34.

CSPC Pharmaceutical (1093) dropped by 4.27 percent to HK$15.26, the biggest percentage loser among HSI constituents.

Shares of property developers overall slid, with Wharf Real Estate Investment Company (1997) dropping by 2.62 percent to HK$29.70 after it warned that it may record net losses for the first quarter this year, compared with net profits a year before.

Henderson Land Development (0012) also fell by 1.92 percent to HK$30.65.

CNOOC (0883) rallied by 1.66 percent to HK$8.58 following a rebound in US oil futures, leading the blue-chip gains.

Shares of mainland banks overall gained.

Index heavyweight Tencent (0700) slipped by 0.63 percent to HK$409 while AIA (1299) edged up by 0.57 percent to HK$70.05.

In mainland China, the Shanghai Stock Exchange Composite Index is at 2,820.58, down by 0.63 percent. The Shenzhen Stock Exchange Composite Index lost 0.80 percent at 1,748.87.