Hong Kong stocks narrow losses at close

Hong Kong shares recovered some losses and closed lower on Thursday, as investors were concerned about the escalating Middle East conflict and higher oil prices.

The benchmark Hang Seng Index dropped 182 points, or 0.7 percent, to 25,716, with a full-day turnover of HK$242,2 billion.

The tech gauge inched down by 0.5 percent to 5,027.

Boosted by the surging oil prices, CNOOC (0883) rose 3.7 percent to a new high, while PetroChina (0857) advanced 1.1 percent.

Developers saw declines in their shares, with Wharf Real Estate Investment Company (1997), Henderson Land Development (0012), and Sun Hung Kai Properties (0016) falling 3.6 percent, 3.2 percent, and 2.6 percent, respectively.

Guotai Junan International (1788) fell 4.2 percent after it said an employee was detained by the Independent Commission Against Corruption of Hong Kong, while Citic Securities (6030), which is reportedly involved in this alleged insider dealings and corruption case, also dropped 1.7 percent.

In mainland China, the Shanghai Composite Index inched down 0.1 percent to 4,129, and the Shenzhen Component Index went down 0.63 percent to 14,374.