March 2, 2017 / 8:28 AM / a year ago

Hong Kong stocks surrender gains on profit-taking

March 2 (Reuters) - Hong Kong stocks, which joined a regional rally in the morning, erased earlier gains and ended Thursday lower, as some investors took advantage of the morning rebound to dump shares.

The change of direction in the afternoon was partly triggered by bearish sentiment on the mainland, where investors were worried about liquidity on speculation of a possible U.S. interest rate hike this month.

The Hang Seng index ended the session down 0.2 percent, at 23,728.07, while the China Enterprises Index lost 0.4 percent, to 10,246.89 points.

Stocks were initially firm as Wall Street powered to record highs as investors cheered U.S. President Donald Trumps’ measured tone in his first speech to Congress.

But falls in sectors including property and telecom dragged the indexes lower, reflecting how fragile investor confidence is, after a roughly 8 percent gain so far this year. (Reporting by Samuel Shen and John Ruwitch; Editing by Jacqueline Wong)

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