Hong Kong shares close weaker with profit-taking

HONG KONG, July 25 (Xinhua) -- Hong Kong shares were pushed lower Friday by profit-taking action and losses by China's largest coal producers due to tighter government price controls on therma lcoal products.

The benchmark Hang Seng Index dropped 347.01 points, or 1.50 percent, to 22,740.71 after it traded between 22,542.08 and 22,843. 20 during the session.

Turnover fell to 61.39 billion HK dollars (7.88 billion U.S. dollars) from Thursday's 77.25 billion HK dollars (9.91 billion U.S. dollars).

Share prices of China's two largest listed coal producers by revenue fell sharply after China capped thermal coal prices at main ports at 840 to 860 renminbi a metric ton, to help ensure stable supply to power plants.

Shenhua Energy dropped 6.7 percent to 29.10 HK dollars. and China Coal closed 3.5 percent lower at 13.96 HK dollars.

Hong Kong Exchanges, the operator of the local bourse, edged 3.2 percent lower to 120.50 HK dollars.

Utility stocks, which are generally considered a safe haven in a falling market, bucked the downward trend. Electricity supplier CLP Holdings rose 1.8 percent to 64.50 HK dollars, its peer HK Electric was 0.8 percent higher at 45.85 HK dollars.

The finance sub-index fell 470.66 points or 1.32 percent to 35,119.85.

The properties sub-index lost 308.83 points or 1.10 percent at 27,709.42.

The commerce and industry sub-index went down 270.85 points or 2.12 percent to 12,528.72.

The utilities sub-index rose 576.32 points or 1.39 percent at 42,149.98. (7.8 HK dollars = 1 U.S. dollar)(6.8255 renminbi = 1 U.S. dollar)