Hong Kong shares dipped on profit booking

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Source: Dukascopy Bank SA
© Scanpix/AFP
Hong Kong equities retreated on Monday as market players booked profits after four-day rally on better-than-expected data from Europe and the US. Adding pressure on Hong Kong blue chips, investors were cautious ahead of Eurogroup meeting on Greece's bailout due later in the day. However, the downswing was capped by easing concerns over slowing national economy. The Institute of Economic Research of Renmin University of China reported that Chinese economy is likely to expand by annualized 8.4% in Q4 compared to 7.4% in Q3. The Hang Seng Index shed 0.24% to close at 21,861.81. Only three in nine sectors climbed. Retailers led gains, with Belle International and COSCO Pacific soaring 3.06% and 2.92%. Among losers, technology and oil and gas sectors dropped the most. Tencent sagged 1.56%, while PetroChina and CNOOC dipped 0.97% and 0.24%. Telecommunications edged down after outperforming last week. China Unicom Hong Kong and China Mobile tanked 0.49% and 0.46%.


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Mon, 26 Nov 2012 14:13:13 GMT

UK shares slide on Greek concerns

UK shares moved lower as traders are eying Eurogroup talks on Greek bailout resumed for the third time on Monday. Sending UK equities lower, the Institute for Fiscal Studies reported that austerity measures in the UK may have to be continued until 2018 if economy does not pick up soon. The FTSE 100 Index sagged 0.63% to trade at 5,782.46.

Mon, 26 Nov 2012 13:14:15 GMT

European stocks fall before European finance ministers meeting

European stocks fell before Eurozone's finance ministers meet for a third time to discuss Greece's finances. The Stoxx Europe 600 Index dropped 0.2% to 272.73, after jumping 4% last week on optimism that the Congress will agree on the U.S. budget. Futures on the Standard & Poor's 500 Index lost 0.4% todays, whereas the MSCI Asia Pacific Index rose 0.4%. 

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