Hong Kong shares edged down Thursday as traders took profit after the biggest one-day gain of the Hang Seng Index in more than six years. Renewed worries over the U.S. sub-prime problem also drove prices down, according to AP. The blue chip Hang Seng Index fell 97.31 points, or 0.4 percent, to 22,439.36. In the morning session, the index rose as much as 1.2 percent, but it lost its steam toward the end of the session on declines in some the index heavyweights and in Chinese financial stocks. Adding to woes in the afternoon session was French bank BNP Paribas, which said one of its units suspended net asset valuations of three of its funds because of lack of liquidity in some securitization markets in the U.S. It attributed the suspension to problems in the U.S. subprime sector. Bank HSBC dipped 0.1 percent to HK$144.50, after rising as much as 0.6 percent earlier in the session. China Mobile dropped 1.1 percent to HK$88.00, after a 1.4 percent rise in the morning. The country's largest mobile operator by subscribers is scheduled to release its first-half result Aug. 16. ICBC fell 0.8 percent to HK$4.68, wiping out an earlier gain of 2.3 percent. China's largest bank by assets also plans to announce its earnings Aug. 16. The Hang Seng rose 628.68 points, or 2.9 percent, Wednesday, on bargain hunting and an overnight gain on Wall Street.
