Hong Kong equities tumbled as stimulus hopes faded

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Hong Kong stocks dipped on Friday amid mounting concerns that the government will not implement additional reforms to stimulate slowing economy. The market sentiment was also dampened by on-going worries over the US fiscal cliff. However, upbeat China's economic reports limited losses of the equities. China's industrial production and retail sales growth jumped more than expected in September. The Hang Seng Index sagged 0.85% to close at 21,384.38. All sectors within the index declined. The top-losers were technology and basic materials sectors. Tencent and Aluminum Corp of China (CHALCO) shed 1.33% and 3.51%. Meanwhile, lenders also moved lower after the PBOC governor Zhou Xiaochuan stated that the country would stick to its current monetary policy in 2013. Bank of East Asia, Hang Seng Bank and Bank of Communications sank 2.05%, 1.87% and 1.09%, respectively.


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