Hong Kong Shares Slip For Second Day

Hong Kong and regional shares were mostly down on Thursday, despite Wall Street logging another day of record highs.

The Hang Seng Index opened slightly lower and saw its losses widen during the day, slipping by as many as 438 points before finishing down 278 points, or 1.1 percent, at 25,415.

Turnover was HK$138.6 billion.

The worst blue-chip performer, AAC Technologies slumped 10 percent, after Citibank lowered its target price following the smartphone component maker's earnings miss.

Shenzhou International tumbled 5.1 percent, following the sportswear manufacturer's announcement that its half-yearly profit fell 11 percent.

Xiaomi slid 3.6 percent, after Bank of America trimmed its target price to reflect competition in the mainland smartphone market. The company had posted a 140-percent jump in interim net profit.

Kuaishou sank nearly 10 percent, after several banks drastically cut its target price following its results announcement.

The biggest winner on the local benchmark, Mengniu Dairy, rose 3.5 percent after it reported a 140 percent surge in interim profits.

The Shanghai Composite Index slipped 1.1 percent, while the blue-chip CSI300 index gave up almost two percent. The Shenzhen Composite Index retreated 1.5 percent.

But Taiwan was 0.1 percent firmer.

The Nikkei in Tokyo edged up just under 0.1 percent, and Seoul's Kospi declined 0.6 percent, after South Korea's central bank lifted its policy rate by 25 basis points – its first raise in almost three years.

Australian shares retreated 0.6 percent, and Singapore inched up less than one percent.