Hang Seng erases gains and finishes lower on Monday

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Source: Dukascopy Bank
Hong Kong's Hang Seng index opened 0.7% higher on Monday Asian trade as China released announcement it cut nation's reserve requirement ratio. However index erased gains later and finished 0.31% or 66.83 points lower at 21,424.79 after data showed a rapid slowdown in Chinese housing market. Resource stocks posted the biggest declines with China Petroleu giving up 5.5% and China Resource Power tumbling 4.6%. Esprit Holdings also contributed to negative side, edging down 4.1%. 

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