Hong Kong equities inched down amid fading stimulus hopes

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Source: Dukascopy Bank SA
© Scanpix/AP
Hong Kong stocks fell on Tuesday despite growing optimism over the Eurozone after finance ministers and the IMF reached a consensus over urgently needed Greek bailout tranche. Moreover, China's industrial profits soared by annualized 20.5% in October, lifting Chinese stocks. However, fading hopes that China will ease its prudent monetary policy weighted on Hong Kong blue chips. Only three in nine sectors managed to post mild gains. The top-performer was consumer services sector, with Sands China climbing 1.84%. The company jumped on expectations of a special dividend payout after its parent Las Vegas Sands approved a USD2.75 per share special dividend. Banking sector and property developers closed lower on speculation that China is likely to stick to its prudent monetary policy. Bank of East Asia and China Construction Bank slumped 0.68% and 0.34%, while China Resources Land and Sino Land sliding 1.25% and 1.69%.
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