Hong Kong shares sank, property developers led losses

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Source: Dukascopy Bank SA
Hong Kong stocks prolonged their slump on Monday, weighted down by property developers. The real estate companies came under heavy pressure on news that the government plans new property cooling measures to curb recent price increase. A fall in China's stocks was further exacerbated by weak quarterly results of the largest China's companies. The Hang Seng Index shed 0.16% to close at 21,511.05. Five out of nine sectors within the index rose. The top-performers were oil and gas firms as well as technology firms. CNOOC and PetroChina climbed 0.37% and 2.09% while Tencent rose 1.20%. The top-losers were property developers. Henderson Land, Sino Land and New World Development plunged 6.41%, 6.40% and 6.36%. Lenders were also bearish, with Bank of East Asia and Bank of Communications dropping 0.69% and 0.35%.
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Mon, 29 Oct 2012 16:18:56 GMT

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