HONG KONG, May 4(Reuters) - Hong Kong stocks slumped to their lowest level in five weeks as continued weakness in commodities-related counters threatened to push the benchmark index below near-term support levels.
The Hang Seng Index finished down 1.35 percent at 23,315.24, after finding support at the index's 50 percent retracement, around 23,290, of the entire move up from its March low following the Japan earthquake to the 2011 high hit in mid-April.
The China Enterprises Index of top locally listed mainland companies shed 1.83 percent as the Shanghai Composite Index ended down 2.26 percent at its lowest in more than two months on persistent fears that China will stick to its monetary tightening stance.
HIGHLIGHTS:
* Energy was the worst performing sector on the benchmark as precious metals, in particular silver, led a broad pullback in commodities. CNOOC Ltd was the top drag on the benchmark, down 2.6 percent.
* Utilities continued to buck the trend, with the sector sub-index ending flat on the day. China Resources Power Holdings Co Ltd led gains, rising 2.9 percent to its highest level in six months in heavy volume.
THE DAY AHEAD:
If the Hang Seng Index is able to hold the 23,290 level, market players could look to position for a short-term rebound after six successive sessions of declines. (Reporting by Vikram Subhedar; Editing by Chris Lewis)