Hong Kong stocks down after rally

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Pedestrians walk past a stock market display board showing the losses at Hang Seng Index results in Hong Kong.
Pedestrians walk past a stock market display board showing the losses at Hang Seng Index results in Hong Kong.
Photo by Budrul Chukrut

Hong Kong stocks closed lower Thursday on profit-taking following a seven-day rally, with traders worried valuations may have gone too far.

The Hang Seng Index shed 1.58%, or 489.67 points, to 30 595.27.

The benchmark Shanghai Composite Index rose 0.55%, or 20.27 points, to 3 675.36, while the Shenzhen Composite Index on China's second exchange dipped 0.41%, or 10.15 points, to 2 450.40.

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