Hong Kong equities retreat on real estate concerns

Source: Dukascopy Bank SA
Hong Kong shares tumbled for the second consecutive session on Tuesday amid concerns that an increase in property prices will lead to fresh restrictions on the housing market. The National Bureau of Statistics reported that the average home price increased for a fifth month in line in December whereas investment in real estate surged by annualized 16.2%. The Hang Seng Index slid 1.02% to end the session at 23,143.91. Only defensive stocks managed to climb, with utilities rising 0.45%. CLP Holdings and HK & China Gas added 0.30% and 0.93%. At the same time, the biggest declines were witnessed by consumer services and basic materials industries. Sands China plummeted 4.34% on signs that Macau gross revenue declined in February. The top-losers were property developers. Shares of China Resources Land, Hang Lung Properties and Sino Land dropped 4.44%, 2.60% and 2.10%, respectively.
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Tue, 19 Feb 2013 13:02:06 GMT

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