Hong Kong stocks extend their losses

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Source: Dukascopy Bank SA
Hong Kong stocks slid on Thursday, extending their losses for a third straight day as investors closed their positions on growth-sensitive sectors prior tomorrow's data on Chinese economy. The Hang Seng index lost 0.1% to close at 23,339.8 points, declining further from its this high on Monday. However, five out of nine groups edged higher in the gauge with consumer services posting biggest gains, followed by utility shares with a 0.3% increase, led by China RES Power, as its shares jumped 2.8% to $HK19.56. Furthermore, Want Want China surged 1.74% to $HK 10.52, as the company's target price was raised by BoFA Merill Lynch and the "buy" call retained. Sands China, the owner of casinos in Macau, in turn, soared 1.24%. Meanwhile, Chalco dragged down the industrials sector after falling as much as 3.8%, as Erdenes Tavan Tolgoi, Mongolian state-owned coal company, stopped deliveries to China. Belle International erased 2.6% to cap further increase in the consumer services sector that was 0.4%. China Life posted third biggest losses as it eased 2.4%, halting further gains in financial shares.
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