Hong Kong stocks retreat ahead of earnings reports

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Source: Dukascopy Bank SA
Hong Kong stocks retreated on Thursday ahead of corporate earnings reports, while broker downgrades dragged down China's internet giant Tencent holdings. The Hang Seng Index dropped 0.1% to 22,225.88 points. Four out of nine groups in the gauge posted losses with tech shares declining the most. China Resources fell 5.3% for a biggest decrease on Hang Seng after the Chinese beer maker reported lower-than-expected net income for the last year. Furthermore, Tencent Holdings slumped 4%, extending a drop to 11% starting from March 8 after its stock-price forecast was cut by analysts from JPMorgan Chase & Co and Goldman Sachs Group Inc. Esprit Holdings followed with a 2.2% drop, capping further gains in consumer services. Among best performers was Lenovo Group that posted third biggest increase, after launching the latest product ThinkPad in its Think Line series.

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