China's shares dropped despite easing hopes

Note: This section contains information in English only.
Source: Dukascopy Bank SA

Hong Kong shares retreated on Thursday ahead of the FOMC press conference due later in the day. Recent comments of the China's Premier hinting on likelihood of stimulus measures failed to lift Chinese equities. The Hang Seng Index posted the first decline in five trading days, losing 0.14% to close at 20,047.63. Only four business sectors included in the index inched up. Industrials and basic materials poised the biggest advance in the index, being strongly supported by an increase in government's investing in infrastructural projects. China Resources Land and China Overseas Land & Investment soared 4.49% and 2.11%. Meanwhile, consumer services sector created heavy pressure on the China's blue chips index, with Sands China falling 2.94%. China Mobile also retreated by 1.32% after Apple announced that it will start selling its new iPhone on Friday. China Mobile does not carry iPhones on its network.

 

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