Hong Kong shares dropped ahead of leadership change

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Source: Dukascopy Bank SA
© Scanpix/AP
Hong Kong equities sank on Thursday as investors were cautious after 18th Chinese Communist Party Congress started on Thursday, where a leadership change is to take place. Pushing Hong Kong blue chips lower, the European Commission lowered its growth forecast for the eurozone from 1% to 0.1% for 2013. Moreover, worries over the US fiscal cliff also added to losses of Hong Kong shares. The Hang Seng Index dipped 2.41% to close at 21,566.91. All nine sectors included in the index plunged. The top-losers were oil and gas and basic materials sectors. Crude oil prices declined by more than 4% on Wednesday, sending oil and gas producers lower. CNOOC and PetroChina slumped 3.02% and 2.99%. Meanwhile, Aluminum Corp of China (CHALCO) dropped 3.12%. Lenders moved lower, with Construction Bank of China and Bank of Communications sliding 3.17% and 3.26%.


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