Hong Kong equities retreated on caution ahead US elections

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Hong Kong shares moved lower on Monday amid increased cautiousness among traders ahead of the US presidential elections due on Tuesday. Limiting the downswing, US non-farm employment rose more than expected in October while manufacturing contraction in the eurozone slowed last month. The Hang Seng Index shed 0.48% to close at 22,006.40. Only two sectors included in the index inched up. Utilities and basic materials were the only gainers, with Hong Kong and China Gas and Aluminum Corp of China adding 0.49% and 0.29%. At the same time, oil and gas coupled with technology sector were the weakest in the index. Shares of PetroChina and CNOOC dropped 1.26% and 0.37% while Tencent slumped 0.94%. Property developers also retreated. Cheung Kong Holdings, Sino Land and Hang Lung Properties dropped 0.17%, 0.15% and 1.26%, respectively.


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