Around the World's Markets: Hong Kong

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THE HANG SENG index turned lower after the 18-month peak it reached on Tuesday.

The index closed 65.56 points down at 11,834.13 on profit-taking, after failing to break through 12,000.

Reports that life assurance companies are cutting US investment encouraged a note of caution. Hongkong Telecom gained 0.2 to $HK16.15. Shares in broker Celestial Asia rose 21 per cent and have more than doubled in a week.