Hong Kong shares fall as property firms drag

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Hong Kong shares fall as property firms drag

On Friday, the Hong Kong shares fell a bit, with Chinese property developers leading the slide.

The Hang Seng Index was down 1.18 percent at the midday break, at 17,799. The Hang Seng China Enterprises Index fell 1.49 percent to 6,093. The Hang Seng tracking energy shares fell by 0.5 percent, the IT sector fell 2.07 percent, the financial sector fell 0.54 percent and the property sector fell 2.12 percent.

The biggest gainer on the Hang Seng was Sands ChinaHang Seng was Sands China, up 3.06 percent, while the biggest loser was Country Garden Holdings, which fell 11.11 percent.

The Hang Seng Mainland Properties Index fell 4.4 percent after Moody's downgrade and rivals followed a record low on the Chinese developer CIFI Holdings.

The top three gainers among H-shares were China Resources Beer, up 1.29 percent, Nongfu Spring, up 1.04 percent, and Semiconductor Manufacturing International Corp, up 0.94 percent.

Country Garden Holdings, Longfor Group, which fell 8.33 percent, and BYD Co Ltd fell by 5.17 percent, were the three biggest H-shares decliners.