Hang Seng sank after China's growth forecast cut

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Source: Dukascopy Bank SA
Hong Kong shares posted the largest drop in a month on Monday. China's growth concerns coupled with weak quarterly results pushed equities lower. On Monday, Bank of America reduced China's 2012 growth forecast to 7.7% from 8%. Moreover, hopes for easing measures started to vanish as real estate prices moved up. Hang Seng Index ended the trading session 0.27% lower at 20,081.36. Only two industries posted mild gains. The strongest were utility companies, with China Resources Power and CLP Holdings climbing 0.50% and 0.45%. At the same time, technology shares created pressure on China's blue chips index. Tecent Holdings shed 2.6% on profit-taking after the company's shares attained almost two-month high on Thursday. Property developers were mixed, with Sino Land jumping 2.01% and Henderson Land slumping 3.53%.

 

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