Hang Seng falls down from its tree-week high on Tuesday

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Source: Dukascopy Bank SA
Hong Kong stocks declined on Tuesday, as early gains were snapped by profit taking and rising concerns from investors that the government might launch more severe measures to curb the soaring cost of living. Hang Seng lost 0.9%, or 200.22 points, to 22,890.60. All sectors in the index dropped. Esprit Holdings Ltd added to losses in consumer services with a 3.6% decline to trade at HK$9.68 by the end of the session on speculation the fashion retailer still struggles with structural changes inside the company. China Resources Power Holdings Co Ltd and China Life Insurance Co Ltd followed and erased 3% and 2.8%, respectively. Among top performers was Tingyi Cayman Islands Holding Corp, a Chinese food producer, that gained 1.9% to HK$21.20. Furthermore, Sino Land Corp surged 1.3% as its stock rating was raised to "buy" at Citigroup and target price lifted to HK$17.5, capping losses in financials that slid 0.9%. New World Development was 0.9% up on news Hong Kong property developer is considering a separate listing of hospitality assets.


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