Around the World's Markets: Hong Kong

HONG KONG stocks closed lower yesterday as profit-taking trimmed the Hang Seng Index one day after it closed at its highest level since the start of the Asian financial crisis.

The index closed down 95.53 points or 0.59 per cent at 16,073.09. "It's just a short-term consolidation," said one analyst.

Since the market's decisive breach of 16,000 on Monday, speculation has mounted that it could soon test its 7 August 1997 all-time closing high of 16,673.27.