Hong Kong equities slid, property developers led losses

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Hong Kong shares plunged on Tuesday, weighted by China's housing minister's comments. China's housing minister, speaking at the 18th Communist Party Congress, announced that property market curbs would remain. Moreover, mounting concerns that the amount of bad loans may be higher than reported created heavy pressure on banking sector. The Hang Seng Index declined 1.13% to close at 21,188.65. Only one sector rose. The only gainer was consumer goods sector, with Belle International jumping 1.25%. On the downside, basic materials and oil and gas firms plummeted 2.44% and 1.68%. Aluminum Corp of China dropped 1.82%, while CNOOC and PetroChina declined by 0.88% and 1.93%. Oil companies were hit by worries that Beijing may reduce gasoline and diesel prices for the forth time this year on Wednesday. Property developers also witnessed sharp losses. Hang Lung Properties, China Resources Land and Sino Land 2.03%, 1.53% and 1.21%, respectively. 


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