Hong Kong shares down amid Cyprus fears

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Source: Dukascopy Bank SA
Hong Kong stocks plummeted amid concerns that introduction of a tax levy on bank deposits in Cyprus can throw European economy back into recession. Hang Seng plunged 2%, or 449.75 points, to 22,083.36 and hit its lowest level since December 4, 2012. China Resources Power Holdings Co Ltd, a Chinese state power generating company, surged 3.7% to HK$20.950, pacing gains in utilities, the only group rising. Furthermore, China Resources Land Ltd, a property developer, added 2.2% to HK$19.820, as the company posted a net profit increase of 30%. Hengan International Group closed the top-three gainers list with a 2.1% jump. Meanwhile, Belle International Holdings Ltd, a producer and retailer of footwear, posted the biggest decline of 4.7%. Company's performance negatively affected consumer services sector, as it lost 2.6%. Technology sector dropped 3.8% with Tencent Holdings Ltd losing the most. The internet services provider traded down 4% to HK$263.200. Sands China, the worlds' second largest gaming resort operator, shed 3.9% to HK$34.150.


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