Hong Kong shares down for 5th day

Hong Kong shares lost 0.8 percent on Wednesday, extending a losing streak into a fifth day on worries that political uncertainty in Greece could lead the unravelling of its hard-won bailout deal.Stocks linked to the economy such as financials and oil fell, while defensives including China Mobile rose.Political uncertainty in China added to jitters. The Communist Party may delay its upcoming five-yearly congress as the party struggles to finalise a once-in-a-decade leadership change.Mainland Chinese markets suffered their worst loss in six weeks, with the CSI300 Index down 1.9 percent, its second-straight loss. The Shanghai Composite Index lost 1.7 percent in relatively weak bourse volume. Both indexes posted their biggest loss since March 28.There is a distinct defensive tone today. Its perfectly understandable since long funds have to protect their positions with so much going on, particularly for China, where political uncertainty supercedes most, said Wang Ao-chao, UOB Kay Hians Shanghai-based head of China equity research.The China Enterprises Index of the top Chinese listings in Hong Kong fell 1.6 percent. The broader Hang Seng Index closed at 20,330.6, closing below its April 17 low of 20,392.6, a level that it bounced off on Tuesday, suggesting more losses are possible.Hong Kong bourse turnover on Wednesday increased 22 percent from Tuesdays levels, but stayed relatively weak.Chinese oil majors were among the top drags on benchmark indices, hit by the slump in oil prices on Greece worries. CNOOC Ltd slumped 2.4 percent in Hong Kong, extending its bleed this week to more than 7 percent.PetroChina lost 2 percent in Shanghai and 1.3 percent in Hong Kong, while China Petroleum and Chemical Corp (Sinopec) lost 1.9 percent in Shanghai and 0.4 percent in Hong Kong.Chinese banks, seen as barometers of the worlds second-largest economy, were also broadly weaker. China Construction Bank (CCB) lost 1.6 percent in Hong Kong and 0.8 percent in Shanghai.