Hong Kong's stock market bull run takes a break, China powers on

martes 14 de abril de 2015 00:37 GYT
 

* CSI300 +1.1 pct; SSEC 1 pct; HSI -0.5 pct

* Tencent slumps after CEO Pony Ma reduces holdings

* "Modern Silk Road" concept back in the spot light

By Samuel Shen and Pete Sweeney

SHANGHAI, April 14 (Reuters) - Hong Kong stocks retreated on Tuesday morning after eight straight sessions of gains, as Tencent Holdings Ltd slumped after chief executive Pony Ma reduced his holdings in China's biggest social networking and online entertainment firm.

But Chinese shares continued to rise, hitting another seven-year high, with a surge in infrastructure-related stocks offsetting losses in financial shares as the "Modern Silk Road" concept comes back into the spot light.

The recent surge in Hong Kong stocks helped push Tencent's market capitalisation over $200 billion for the first time on Monday, making it more valuable than U.S. tech firms such as Amazon.com Inc, IBM Corp and Oracle Corp .

But on Tuesday morning, the stock tumbled about 5 percent, heading towards its biggest daily fall in nearly a year, after exchange disclosures showed Ma last week sold 20 million shares for HK$3.22 billion.

Although the news triggered profit-taking, many investors believe Hong Kong's bull run is not yet over.   Continuación...