Hong Kong stocks dropped on US budget uncertainty

Source: Dukascopy Bank SA
© Scanpix/AP
Hong Kong equities ended the week in the red territory as lack of progress in the US budget talks weighted on the risk sentiment. However, strong gains of US counterparts capped losses of Hong Kong stocks. The Hang Seng Index dropped 0.68% to close at 22,506.29. Eight out of nine sectors plunged. The only gainer was utility industry, with Power Assets climbing 0.31%. Real estate companies also moved higher after the recent data showed that home prices continued to increase at moderate pace last month. China Resources Land and Hang Lung Properties rallied 2.19% and 0.67%. Meanwhile, financials were mixed. Bank of East Asia added 0.17% whereas Bank of Communications and ICBC tumbled 2.24% and 2.14%. Esprit Holdings extended previous losses, plunging 2.54% on speculation that the firm may record a loss for the second half of 2012 due to weak operating results. China Coal dipped 2.04% despite potential increase in China's coal demand. China's coal consumption is likely to reach 4.8 billion to 5.3 billion tonnes by 2020, according to National Coal Association.

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