HK market opens lower, despite mainland rate cuts

　　The Hang Seng Index was 0.2 percent lower at 17,379 in early trade. File photo: RTHK

　　The Hong Kong market edged lower in early trade on Monday. shrugging off rate cuts on the mainland.

　　The Hang Seng Index was 0.2 percent lower at 17,379 in early trade.

　　In Shanghai, the benchmark index was down 0.6 percent at 2,965, and the Shenzhen Composite was down 0.2 percent at 8,883.

　　Earlier, the People's Bank of China announced it was cutting two key rates.

　　The one-year loan prime rate (LPR) was lowered by 10 basis points to 3.35 percent from 3.45 percent previously, while the five-year LPR was reduced by the same margin to 3.85 percent from 3.95 percent .

　　Most new and outstanding loans in China are based on the one-year LPR, while the five-year rate influences the pricing of mortgages. (staff reporter, Reuters)