Hong Kong equities retreat, Ping An weighs

Source: Dukascopy Bank SA
Hong Kong stocks retreated on Monday despite surging mainland's equities. Hong Kong shares gave back early gains after China's regulators approved the sale of HSBC's remaining stake in Ping An. However, the downswing was capped by strong performance of Japanese stocks and Friday's encouraging US numbers. The Hang Seng Index lost 0.16% to end the session at 23,685.01. Five out of nine industries included in the index finished higher. The top-performers were consumer goods. Belle International, Tingyi Cayman Islands Holding and Want Want China Holdings jumped 1.84%, 1.13% and 2.54%, respectively. Among top laggards were basic materials and oil and gas industries. Aluminum Corp of China (Chalco) dropped 2.14%, while PetroChina and CNOOC sagged 1.44% and 0.13%. Meanwhile, Ping An declined the most in the index after approval of HSBC's sales of its stake in the Ping An. Ping An slumped 2.75% but remained above HKD59 per share, the level HSBC had priced its stake sale.
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