Shanghai closes lowest in almost 15 months

Nikkei: 8,615.65 (+5.70) Hang Seng:18,011.06 (-119.49) Shanghai Comp: 2,392.06 (-22.99)

HONG KONG shares fell on Wednesday as investors aiming to dress up portfolios for the quarters end unwound positions in the citys banking stocks and bought other counters that have been badly battered recently.

Bank of East Asia Ltd and Hang Seng Bank Ltd were the top percentage losers among Hang Seng Index components, tumbling 5.4 per cent and 4.6 per cent, respectively, while a short squeeze helped retailer Esprit Holdings Ltd surge more than 12 per cent.

The Hang Seng Index finished down 0.7 per cent at 18,011.1 points, but held above the 17,835 level, the 50 per cent retracement of the benchmarks rise from the troughs in October 2008 to its cyclical peak in November 2010.

Esprit Holdings surged by as much as 15 per cent after being hammered almost 60 percent in September to date after posting a 98 percent decline in annual net profits earlier in the month.

The Shanghai Composite Index gave up early gains to close down about 1 per cent at 2,392.1 points, its lowest close in almost 15 months, as A-share turnover remained lacklustre. – (Reuters)