Hong Kong shares closed lower; Tencent led losses

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Source: Dukascopy Bank SA
© Scanpix/Reuters
Hong Kong equities tumbled on Thursday after China's Communist Party elected the new leader Xi Jinping. Worries over the US fiscal cliff and uncertainty over the eurozone dragged the Hong Kong share index lower. The Hang Seng Index sagged 1.55% to close at 21,108.93. Only two sectors within the index climbed. The only gainers were utilities and consumer services.  Hong Kong and China Gas gained 1.12%, while Esprit Holdings soared 22.03%. Esprit Holdings surged after its former chairman increased his stake in the company to about 6%, fueling speculation that he is likely to revive struggling company. Sending Hong Kong stock index lower, technology sector shed 6.95%. Tencent reported that its strategy to expand into new business weighted on margins and the number of Internet users dropped. Meanwhile, basic materials that led gains on Wednesday were bearish on Thursday. Aluminum Corp of China (Chalco) sank 2.11%.

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