Hong Kong shares down for a third day

Source: Dukascopy Bank SA
Hong Kong equities retreated for a third consecutive day as Chinese developers and lenders slumped. The Hang Seng Index tumbled 1.5% to close at 22,556.65. All sectors in the gauge declined with basic materials posting the biggest losses on Hang Seng. Li & Fung Ltd was the only company posting gains, as its shares jumped 0.2% to HK$10.96 to cap further losses in industrial shares that were 1.4% down. Sino Land slid 5.6% to HK$ 13.40 for the biggest decrease on the index, adding to losses in basic materials that erased as much as 2.3%. China Resources Land lost 4.01% to HK$ 20.35 on speculation the southern city of Shenzhen prohibited developers to increase the new home prices. Among the top losers was also Cosco Pacific after a sale of its subsidiary Cosco Logistics Co. was announced. The nation's biggest shipping company slid 4.7% on concerns the sale would undermine profits in the long run.


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