Summary The benchmark Hang Seng Index fell 237.40 points to 24,465.38 on turnover of HK$77.97 billion
HONG KONG (AFP) - Hong Kong stocks fell 0.96 percent Wednesday, tracking a broad decline in Asia and following a retreat on Wall Street, while investors look ahead to the start of China s annual legislature meeting.
The benchmark Hang Seng Index fell 237.40 points to 24,465.38 on turnover of HK$77.97 billion ($10.06 billion).
However, Shanghai tacked on 0.51 percent, with investors hoping the government unveils some economy-boosting measures during the National People s Congress, which starts Thursday.
Regional markets were mostly lower for a second day after a negative lead from New York.
The Dow fell 0.47 percent and the S&P 500 slipped 0.45 percent, both a day after hitting new records. The Nasdaq slipped 0.56 percent after breaking 5,000 points for the first time in 15 years.
With few catalysts, traders stepped back before key events later in the week. As well as China s political meeting, the European Central Bank will outline details of its asset-buying stimulus Thursday while US jobs figures are due Friday.
In Hong Kong Internet giant Tencent lost 1.48 percent to close at HK$133.30, conglomerate Cheung Kong shed 1.03 percent to HK$154.30 and China Unicom fell 1.45 percent to HK$12.20.
New World Development eased 0.44 percent to HK$9.12 but HSBC edged up 0.05 percent to HK$69.80.
In China the benchmark Shanghai Composite Index rose 16.48 points, to 3,279.53 on turnover of 346.8 billion yuan ($55.3 billion).
The Shenzhen Composite Index, which tracks stocks on China s second exchange, gained 1.72 percent, or 28.25 points, to 1,673.24 on turnover of 336.1 billion yuan.
"The market has already started to react to expectations of policies and reforms," Qian Qimin, a Shanghai-based analyst with brokerage Shenwan Hongguan Group, told AFP.
Shanghai plunged 2.20 percent Tuesday as the weekend s interest rate cut was offset by concerns that upcoming initial public offerings would divert funds.
Cultural firms and medical equipment makers led the gains, as investors chased smaller companies in sectors that could benefit from possible reforms.
Jiangsu Phoenix Publishing & Media Corp surged by its 10 percent daily limit to 13.18 yuan in Shanghai, while Hunan China Sun Pharmaceutical Machinery also jumped 10 percent to 66.77 yuan in Shenzhen.
Nuclear power equipment makers rose in Shanghai on media reports that China had approved a new nuclear plant.
Shanghai Electric Group gained 0.95 percent to 10.64 yuan and Dongfang Electric added 0.10 percent to 20.79 yuan.
