Hong Kong stocks drop, retailers lead losses

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Source: Dukascopy Bank SA
Chinese stocks ended lower on Thursday amid more than 10 profit warnings posted by Hong Kong companies overnight. Property developers also dragged the stock index lower on speculation that Beijing may impose a real estate tax in the first half of the year. China's stocks were further weakened by disappointing US GDP reading that signaled the US economy still faces downside risks. The Hang Seng Index retreated from a 21-month high to close at 23,729.53, down 0.39%. Only two sectors, technology and financials, moved higher. Tencent added 0.22%, while Bank of China and Bank of Communications gained 0.26% and 0.61%. At the same time, consumer goods and oil and gas companies put heavy pressure on China's stock index. Li & Fung and Belle International led losses among retailers, falling 3.71% and 3.04%. Meanwhile, CNOOC and PetroChina dipped 2.32% and 0.72%. Property developers also followed a downward trend on tax concerns. Henderson Land, Sino Land and China Resources Land slumped 2.70%, 2.55% and 2.45%, respectively.
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