HONG Kong shares have fallen 0.26 per cent on profit-taking and corporate fundraising injecting new shares into the market, breaking a three-day rally that saw the market hit a 16-month high.
The benchmark Hang Seng Index (HSI) on Thursday eased 57.77 points to close at 22,445.58 on turnover of HK$62.49 billion ($A7.67 billion).
Blue-chip power producer CLP tapped the market for $US984 million ($A936.47 million) through a share placement, dropping 3.6 per cent to $HK64.80, while Uni-President China slumped 5.3 per cent to $HK9.01 and Kaisa tumbled 7.7 per cent to $HK2.39 as investors sold shares.
"Although there are fundraising activities, it is hard to determine when the market may peak amid the current liquidity-driven rally," Ben Kwong, chief operating officer at KGI Asia told Dow Jones Newswires.
The HSI touched a fresh 16-month high of 22,563.14 in the morning session, after the announcement of fresh US economic stimulus overnight.
After a two-day meeting the policy committee of the US central bank said it would replace its "Operation Twist" bond swapping program with $US45 billion a month in straight bond buys, on top of the $US40 billion a month purchasing announced in September.
Jackson Wong, an investment manager at Tanrich Securities, said that he expects the current bullish cycle to extend into the middle of next year.
Chinese shares ended down 1.02 per cent. The benchmark Shanghai Composite Index lost 21.25 points to 2,061.48 on turnover of 52.3 billion yuan ($A7.99 billion).
"The market is likely to be weighed by potential tight liquidity conditions in the coming weeks," China Minzu Securities analyst Chen Wei told Dow Jones Newswires.
"Corporates that have positions in the stock market may tend to cash in because they need cash to pay off loans at the year-end," he added.
Among metals firms Gansu Ronghua Industry lost 4.36 per cent to 7.67 yuan and Xiamen Tungsten dropped 3.67 per cent to 33.04 yuan.
Coal miner Xinjiang Baihuacun lost 3.46 per cent to 9.22 yuan while Shanxi Coking Coal shed 2.90 per cent to 7.69 yuan.
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