Hong Kong shares drop as central bank focuses on tackling inflation

Note: This section contains information in English only.
Source: Dukascopy Bank SA
Hong Kong equities slid as investors took profits on mainland financial shares amid news Chinese Central Bank will switch from supporting growth to tackling inflation. The Hang Seng index tumbled as much as 0.3% to 23,177 points. All but two groups in the index edged lower. New World Development advanced 2.3%, the most in the benchmark gauge, followed by Tingyi Cayman Islands Holding Corporation that rose as much as 2.04% to HK$22.55 to cap further losses in the consumer services shares, whereas Tencent Holdings advanced 1.9% to HK$272.00 and halted further decrease in telecommunications shares. Meanwhile, Li & Fung Ltd that operates in an export trading business paired biggest losses as its shares erased 4% to $HK10.12 dragging down the consumer services shares that slid as much as 0.2%. Furthermore, China Resources Land erased 3.2% to HK$21.15 adding to losses in financial shares that erased 0.5%, while Bank of Communications lost as much as 3% also triggering a decline in financials group.
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