Hong Kong shares extend their losses on Tuesday

Source: Dukascopy Bank SA
Hong Kong equities decreased on Tuesday, as analysts expect that Cyprus' parliament will not approve a new tax on bank deposits. Hang Seng lost 0.2%, or 41.50 points, to 22,041.86. Consumer services and utilities sectors surged 3.7% and 2%, respectively, capping further losses in the index. China Resources Power Holdings Co Ltd, a Chinese power generating company, jumped 8.1% after reported earnings beat estimates of Deutsche Bank by 12%, owing to lower fuel costs. Furthermore, Sands China Ltd followed with a 5.4% advance to HK$36.00. Lenovo Group Ltd closed the top-three with a 2.8% rally, as the company presented its new ThinkPad. Meanwhile, Tingyi Cayman Islands Holding Corp plunged 3.4%, as its corporate profit rose by 8.5%, but fell short of expectations. Belle International Holdings Ltd, a manufacturer and retailer of footwear, declined the most for a second consecutive day, losing 2.8% to HK$13.040. The company dragged down the consumer goods sector, which plummeted 1%. China Coal Energy Co Ltd followed, dropping by 2% to HK$6.83.


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