Hang Seng Backs Down, Shanghai Makes Record Close

[B]Hong Kong markets didn?t fare any better, with Shanghai making gains that bucked regional markets. Hong Kong stocks dropped on profit taking as the benchmark equity market touched on an all time high yesterday. Seeing that gains may be overextended investors pared back on positioning, leaving the Hang Seng down by 190.29 points, closing at 20,706.35. Leading losers were developer stocks, with notable declines in Cheung Kong. The company?s stock slipped 2.8 percent to HK$106. China?s stocks were a different story as the CSI 300 Index rose 127.32 points to close at a record 3,686.03. Attributed to the overall optimism were reports that brokerage account opening surged in recent days, with some 1.48 million opened in the week ended April 27th.[/B]