Hong Kong blue chips fall as China wants to tighten monetary stimulus

Source: Dukascopy Bank SA
Hong Kong shares dropped, erasing their earlier gains in 2013 on speculation China might reduce their monetary stimulus activity and impose more measures to cease property prices. In addition, the investors are rather cautious with risky assets due to political instability in Italy. The Hang Seng Index retreated 1.3% to close at 22,519.69, the lowest level since December 2012. Only two out of nine sectors in the gauge edged higher. Power Assets Holdings Ltd took the leader position with a 1.14% rise and contributed to a 0.6% rally in utility shares. Bank of East Asia followed with a 1.13% advance, as its profit for 2012 soared 39% due to increased trading income. The trading income and profit from equities holdings surged, as the Hang Seng Index rose 23% throughout the last year. On the downside, China Merchants Holdings that skimmed 3.4% to close at HK$26.750 and drag down industrials that were 2.6% lower. Hutchison Whampoa Ltd was also among top losers with a 3% drop. Financial shares lost as much as 1.6%, as the largest insurer China Life Insurance Co Ltd slid 3%.
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