Hong Kong shares drop as Q3 results disappoint

Source: Dukascopy Bank SA
© Scanpix/AP
Hong Kong shares sank on Friday on weak quarterly results of the Hang Seng majors. However, positive US data releases limited losses of the Hong Kong blue chips. The Hang Seng Index lost 1.21% to close at 21,545.57. All sectors included in the index declined. The top-losers were basic materials. Aluminum Corp of China (CHALCO) slumped 5.05% on news that aluminum inventories in China more than doubled this year. Telecommunications and industrials also moved lower. China Unicom Hong Kong went lower by 7.56% after it posted a 27% increase in Q3 profits. Analysts expected better results. Meanwhile, financials followed bearish trend. Bank of China dipped 2.25% despite reporting strong quarterly profits on Thursday. China Construction Bank moved lower by 1.03% ahead of its earnings report due after the market close.


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Fri, 26 Oct 2012 17:23:48 GMT

UK equities move higher after US GDP reading

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Fri, 26 Oct 2012 16:39:52 GMT

Japanese equities tumbled on weak quarterly results

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