Hong Kong shares down as Apple's suppliers hit

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Source: Dukascopy Bank SA
Hong Kong equities retreated extending their losses for a second straight day, as the Apple's suppliers were hit after the most valuable company in the world posted lower-than-expected revenue. The Hang Seng index declined 0.2% to 23,598.9. Four out of nine groups in the gauge declined with telecommunications pairing biggest losses, as the shares were 2.26% down. China Unicom stocks erased 2.9%, the most in the index, to pace losses in telecommunications, whereas Want Want China capped further gains in consumer services group, which was 0.5% up, by tumbling as much as 2.4%. China Mobile dropped 2.2% to its lowest in two months after analysts at JP Morgan cut the company's stock rating from neutral to underweight and forecast the mobile operator to report negative year-on-year profit change for this year. Meanwhile, among best performers were New World Development, Wharf Holdings and Bank of East Asia that rallied 2.6%, 2.1% and 1.8%, respectively.
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