HK stocks retreat as gaming shares, developers decline
Hong Kong stocks fell, with the benchmark index declining the most in two weeks, as casino operators and developers slumped. Global Brands Group Holding Ltd. debuted after its spinoff from Li & Fung Ltd.
Sands China Ltd. retreated 2.9 percent after Standard Chartered Plc downgraded gaming stocks. China Resources Land Ltd. slid 1.8 percent as developers extended yesterday’s drop. Tencent Holdings Ltd., Asia’s biggest Internet company, lost 3.3 percent following a selloff in U.S. equity markets. Bank of China Ltd. dropped 2.8 percent after China Central Television alleged the lender violated foreign-exchange regulations.
The Hang Seng Index slid 1.6 percent to 23,176.07 at the close in Hong Kong, its steepest decline since June 23. All but six shares slid on the 50-member gauge. The Hang Seng China Enterprises Index, also known as the H-share index, fell 1.6 percent to 10,341. China yesterday reported inflation data that missed estimates.
“Hong Kong shares are reacting to weakness overnight in the U.S. market,” said Benjamin Tam, a fund manager who helps oversee about USD1.5 billion at IG Investment Management (Hong Kong) Ltd. “Data isn’t showing significant improvement and shows demand is still weak. Investors are waiting for stronger figures.”
China’s producer prices fell 1.1 percent in June, the slowest pace of decline for factory-gate prices in more than two years. The figures compares with a 1 percent drop estimated by economists and a 1.4 percent contraction the previous month. Consumer prices rose 2.3 percent, falling short of analysts’ expectations for a 2.4 percent gain after a 2.5 percent increase in May. Reports on mainland trade and credit are due this week. Bloomberg
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