Hong Kong stocks retreat; Belle International leads losses

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Source: Dukascopy Bank SA
Hong Kong stocks gave back Tuesday's gains amid lingering concerns that the Fed may halt its easing measures sooner-than-expected. Moreover, worries over expansion of housing curbs weighed on Hong Kong stock markets. On Wednesday, China's cabinet stated it is considering expansion of its pilot real estate tax program to more cities and. The Hang Seng Index declined 1.72% to close at 22,906.67. All industries slid. The top-loser was consumer goods industry, plummeting 5.70%. Belle International Holdings plunged 16.78% after it stated 2012 net income would be at the lower end of forecasts. Other consumer goods firms also followed a bearish pattern, with Want Want China and Tingyi Cayman Islands Holding sagging 2.87% and 2.12%. Property developers also retreated amid worries over fresh housing curbs. Hang Lung Properties, Sino Land and SHK Properties declined 1.80%, 1.71% and 1.47%, respectively.
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