Profit taking weighs on Hong Kong stocks after strong rally
Oct 11 (Reuters) - Hong Kong stocks fell more than 1 percent on Tuesday as investors took profits after a strong rally over the past few months.
As trading resumed following Monday's holiday, the Hang Seng index fell 1.3 percent to 23,549.52 points, while the China Enterprises Index lost 1.2 percent to 9,804.47.
The Hong Kong market posted its biggest quarterly gain in seven years in July-September, jumping 12 percent. So many investors expect trading to be volatile this quarter due to rising pressure from profit-taking.
Most sectors fell on Tuesday, with property shares leading the decline as more Chinese cities imposed restrictions on home buying as prices risk overheating.
Bucking the trend, Alibaba Pictures Group Ltd, the film unit of Chinese billionaire Jack Ma's Alibaba Group, rose 3 percent to a five-week high after saying it would partner with Steven Spielberg's Amblin Partners. (Reporting by the Shanghai Newsroom; Editing by Kim Coghill)
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