Hong Kong equities inch down; basic materials lead losses

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Source: Dukascopy Bank SA
Hong Kong shares dropped on Monday, tracking losses in China's mainland's markets that re-opened after a long Lunar New Year holiday. However, strong performance of Japanese counterparts supported Hong Kong equities. The Hang Seng Index dipped 0.27% to end the session at 23,381.94. Only four in nine sectors included in the index posted gains. Industrials and consumer services advanced the most in the index. Among consumer services, Sands China climbed 1.07% amid rising number of visitors in Macau. At the same time, basic materials and oil and financials were the top laggards. Chalco sagged 1.68%, while Bank of Communications, ICBC and Construction Bank of China slumped 0.96%, 0.70% and 0.61%, respectively. Insurance companies also weighed on Hang Seng Index. Ping An and China Life slid 1.32% and 1.21%.
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