HONG KONG (Nikkei Markets) -- Hong Kong shares fell after Moody's Investors Service downgraded China's sovereign rating by a notch on concern over eroding financial strength and slowing growth potential. Shanghai equities headed toward a seven-month low.
The Hang Seng Index fell 0.2% to 25,365.26 by midday. The Hang Seng China Enterprises index of mainland companies listed in the city shed 0.4%, with lenders and insurers contributing heavily to the decline. China Life Insurance and Bank of Communications slid at least 0.5%. Heavyweight Tencent Holdings lost 1.2% in its second day lower after an earnings-driven record run.
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