Hong Kong equities dropped; property developers weight

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Source: Dukascopy Bank SA
© Scanpix/AP
Hong Kong equities retreated further on Tuesday after the BoJ announced widely expected stimulus measures. Property developers continued to push Hong Kong blue chips index into the red territory amid concerns over fresh property-price curbing measures. Meanwhile, traders remained cautious ahead of the US consumer confidence data due later in the day. The Hang Seng Index slid 0.38% to end the session at 21,428.58. Only three in nine sectors included in the index advanced. The top-performers were consumer goods and technology firms. Want Want China Holdings gained 4.13% while Tencent added 0.59%. Property developers were mixed, with China Resources Land adding 1.88% and Sino Land slipping 0.29%. On the downside, consumer services and telecommunications were the worst-performers. Sands China and China Unicom Hong Kong dropped 3.32% and 1.91%. Among lenders, ICBC and Bank of Communications tumbled 1.76% and 1.22% ahead of their Q3 reports due after the Tuesday's close.


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