Hong KOng shares decline prior more data on Chinese economy

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Source: Dukascopy Bank SA
Hong Kong stocks extended their losses on Wednesday, as investors closed their positions on stocks that outperformed the market such as China's financials prior to more data on the nation's economy at the end of this week. In addition, developers declined as the chief executive of the city announced the government might bound the real estate demand from overseas. The Hang Seng Index retreated 0.1% to 23,357 points. All but three groups in the index inched lower. Tencent Holdings, an internet company, added 3.5%, the most in two months, as Goldman Sachs upgraded the stock rating to buy. Cosco Pacific posted 2.17% gains, while Cheung Kong rallied 1.88%, both capping further losses in financial shares that were 0.07% down. Meanwhile, China RES Power lost 2.86%, prompting a 0.9% decline in the utilities sector. Sinopec stocks eased 1.6%, followed by Hengan International Group, which manufactures and sells personal hygiene products, that erased 1.5% to $HK73.55, capping further gains in consumer goods sector that was 0.54% up.
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