Hong Kong stocks tumble as China's economy slows

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Source: Dukascopy Bank SA
Hong Kong shares tumbled on Monday on negative signs from national economy. Chinese GDP growth slowed last quarter to 7.7%, while experts expected the economy to expand by 8.0%. Adding to fears over domestic economy, China's industrial production declined to 8.9% in March from 9.9% in the preceding month. Analysts predicted industrial production to rise to 10.0% last month. Hang Seng Index slid 1.43% to trade at 21,772.67. All but one sector within the index plunged. The only gainers were industrials, inching up 0.19%. Hutchison boosted industrials higher, climbing 0.74%. Meanwhile, the top laggards were basic materials and oil and gas firms, both sliding 2.64%. CNOOC, China oil major, dropped 3.33% amid weak oil prices. Other notable losers were China Resources Power and Tingyi, losing 5.99% and 3.33%, the largest and the second-largest declines in Hong Kong's share index.
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