Hong Kong stocks ended a four-day winning streak to close 0.64 percent lower on Friday, as a sudden half-hour trading halt in the Shanghai shares of market debutante Zijin accelerated profit-taking amid fears that the recent market rally may have been too sharp. Zijin Mining dropped nearly 4 percent to HK$7.61 after gold hit a three-week low overnight and the Shanghai exchange temporarily suspended the stock, which more than tripled its offering price. Its Shanghai shares closed up 95 percent at 13.92 yuan. “The regulators might be a little concerned that people are crazy about IPOs,” said Howard Gorges, director at South China Brokerage. Sharp stock gains this week also triggered profit-taking as investors opted to cash in their profits ahead of the weekend and a U.S. interest rate meeting next week, brokers said.
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