Hong Kong stocks drop, retailers lead losses

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Source: Dukascopy Bank SA
Chinese stocks ended lower on Thursday amid more than 10 profit warnings posted by Hong Kong companies overnight. Property developers also dragged the stock index lower on speculation that Beijing may impose a real estate tax in the first half of the year. China's stocks were further weakened by disappointing US GDP reading that signaled the US economy still faces downside risks. The Hang Seng Index retreated from a 21-month high to close at 23,729.53, down 0.39%. Only two sectors, technology and financials, moved higher. Tencent added 0.22%, while Bank of China and Bank of Communications gained 0.26% and 0.61%. At the same time, consumer goods and oil and gas companies put heavy pressure on China's stock index. Li & Fung and Belle International led losses among retailers, falling 3.71% and 3.04%. Meanwhile, CNOOC and PetroChina dipped 2.32% and 0.72%. Property developers also followed a downward trend on tax concerns. Henderson Land, Sino Land and China Resources Land slumped 2.70%, 2.55% and 2.45%, respectively.
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Thu, 31 Jan 2013 17:50:04 GMT

UK stocks move lower despite strong housing market data

UK shares are trading lower on Thursday despite positive news from the national economy. UK consumer confidence improved in January. A sentiment index climbed to minus 26 from minus 29, while experts predicted consumer confidence to gain to minus 28. Moreover, UK house prices climbed in January due to easing measures by the BoE. The FTSE 100 Index lost 0.28%

Thu, 31 Jan 2013 17:06:05 GMT

Japanese equities advanced on positive data

Japanese shares were bullish on Thursday after preliminary industrial production showed an increase of 2.5%, compared to a forecast of 4.2%. Despite being weaker than forecast, the figure indicates a rebound in industrial production. However, weaker than expected data from the national housing market coupled with dismal US GDP reading weighed on Japanese stocks. The Nikkei 225 Index gained 0.22%

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