HK Shares End Down; Index Sheds Early Gains On Profit-Taking

HONG KONG (Dow Jones)--Strong gains in regional equity markets boosted Hong Kong's benchmark index early Wednesday, but the market gave up gains to close lower on profit-taking and the uncertain outlook for the U.S. economy.

Analysts said investors will likely stay on the sidelines in the near term, awaiting developments from the G20 summit and updates on the struggling U.S. automobile industry. They expect the Hang Seng Index to move within a 300- to 500-point range from its current level in the coming sessions, but warned the risk is to the downside given the index's rebound in March.

The Hang Seng Index fell 56.48 points, or 0.4%, to 13,519.54 after earlier rising to a high of 13,788.41.

Turnover totaled HK$52.82 billion, up from HK$49.04 billion Tuesday.

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