Hong Kong shares drop on falling Japanese exporters

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Source: Dukascopy Bank SA
Hong Kong blue chips dropped on falling Japanese exporters, as the yen appreciated against its major counterparts. The Hang Seng index lost 0.94% to 23,111.19, touching its lowest level this year. Six out of nine sectors edged lower in the gauge. The sectors that shrank the most were basic materials, oil and gas, and financials, tumbling 1.6%, 1.4% and 1.2%, respectively. Among the worst performers was Ping An Insurance that declined 4% on speculation the China Development Bank raised concerns over the attempt of Thailand's CP Group's aim to buy HSBC's stake in the insurance company. Furthermore China life retreated 3.3% and Li Fung shares lost 3.27% to HK$ 14.22, triggering a 0.13% decline in the consumer services sector. Meanwhile, Tingyi advanced 4.22% and Want Want China increased 2.6%, pacing gains in the consumer goods sector that was 4.2% up.


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Strenghtening Yen triggers down the Japanese shares

Japanese shares dropped as the Yen kept appreciating against its 16 major counterparts and lowered the profit outlook for the exporters. The Nikkei 225 dropped 0.9% to 10,508.06. Only three out of ten groups in the benchmark index edged higher. Among the best performers were Unitika, Sharp Corporation and Nitto Boseki with their shares rallying 4.1%, 3.9% and 3.8%, respectively.

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