Hong Kong equities drop; property developers weight

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Source: Dukascopy Bank SA
© Scanpix/AP
Hong Kong equities moved lower on Wednesday amid lingering concerns over looming US fiscal cliff and expectations for increase in share supply. About 10 billion yuan of new shares will be eligible for sale next month in the mainland. Moreover, a sharp drop in real estate projects in Shanghai dragged property developer lower. The Hang Seng Index lost 0.62% to 21,708.98. Only two sectors within the index advanced. The only gainers were technology and consumer services sectors. Tencent soared 0.8%, while Sands China jumped 0.6%. Sands China prolonged its rally on hopes for a special dividend payout after its parent Las Vegas Sands approved a USD2.75 per share special dividend. At the same time, basic materials as well as oil and gas sectors were the top-losers. Aluminum Corp of China (Chalco) dropped 1.51%, while CNOOC and PetroChina slid 1.71% and 0.97%. Sinopec also sagged amid news that it is planning an IPO in Hong Kong for its new refining unit in Q2 of 2013, which is expected to raise USD1.5 billion.


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