Around the World's Markets: Hong Kong

STOCKS CLOSED lower, falling 0.78 per cent on profit-taking ahead of a widely expected cut in local interest rates. The Hang Seng lost 79.94 points to close at 10,233.36.

Traders sold shares which had risen earlier in the week in anticipation of a rate cut by the Hong Kong Association of Banks. The quarter-point cut, which had already been discounted, was announced after the market closed. Selling was light owing to the strength of overseas markets and the rally in Tokyo.