Hong Kong, Shanghai lose early gains

Hong Kong stocks lost early gains Monday to close down 0.31 per cent despite a Chinese move to loosen bank lending and hopes that Greece's second bail-out would be resolved. The benchmark Hang Seng Index slipped 66.83 points to 21,424.79 on turnover of HK$70.54 billion (Dh33.4 billion). China's central bank on Saturday announced a cut in commercial banks' reserve requirement ratio by 0.50 percentage points from Friday to ease restrictions on lending and boost slowing growth. But investors took profits after early gains following the index's seven consecutive-week rise. Chinese shares also pared early rises, with the Shanghai Composite Index, covering both A and B shares, ending up 0.27 per cent, or 6.42 points, at 2,363.60 on turnover of 82.3 billion yuan (Dh48 billion).