Hong Kong shares slide, Sinopec weighs

Source: Dukascopy Bank SA
Hong Kong shares dropped for the second consecutive day on Tuesday, tracking weakness of the US and Japanese stock markets. Political instability in Spain as well as caution ahead of the ECB press conference scheduled on Thursday also put heavy pressure on Hong Kong blue chips. However, positive China's data limited the downswing. China's services industry grew to 54 in January from 51.7 in December, indicating the fastest expansion in four months. The Hang Seng Index tanked 2.27% to end the session at 23,148.53. All industries within the index retreated. The top-losers were oil and gas stocks, slumping 3.27%. Sinopec Corp. declined the most in Hang Seng after the oil giant sold 2.85 billion new shares with a 9.5% discount to previous close. Sinopec Corp. plunged 6.42%. Lenders also were among the top losers. Shares of Bank of China and Bank of Communications skidded 3.81% and 3.34%. Property developers slid on concerns the government may introduce more cooling measures if necessary. Henderson Land and Sino Land dipped 3.86% and 3.06%.
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