Hong Kong stocks pull back after last week’s rally

Hong Kong shares continued to retreat on Monday, reversing some gains made after last week’s US rate cut that had lifted the market to a four-year high.

The benchmark Hang Seng Index fell 263 points, or 0.99 percent, to 26,281 at midday, with turnover of HK$164.7 billion.

The China Enterprises Index dropped 122 points, or 1.3 percent, to 9,349. The Hang Seng Tech Index closed at 6,220, down 1.18 percent.

Apple suppliers rose on news of strong demand for the new iPhone, with Sunny Optical Technology (2382) jumping 5.95 percent to HK$86.4, the biggest gainer among blue-chip and Hang Seng Tech components.

In mainland China, Shanghai shares were largely stable, with the Shanghai Composite Index up 2 points, or 0.07 percent, at 3,822 at midday. The Shenzhen Component Index rose 22 points, or 0.17 percent, to 13,093.

STAFF REPORTER