Hong Kong shares down amid negative economic data on Chinese economy

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Source: Dukascopy Bank SA
Hong Kong blue chips erased their earlier gains amid worse-than-expected data on Chinese economy and declining shares of the food company Want Want China Holdings. The Hang Seng index dropped 0.1% to 23,064.93 after rallying 0.7% earlier in the session on optimism about the U.S. economy. Five out of nine sectors inched lower. Losses in consumer goods sector were triggered by Want Want China that tumbled 4.3% to HK$11.58 as DBS Vickers Research cut its target price and downgraded its stock rating to "full valued" on speculation the company's rice cracker products face a bottleneck in market growth. Furthermore, technological shares posted second biggest decline of 1.4%, as Lenovo Group Ltd slumped 3.8% to HK$8.39. China Merchant Holdings International followed with a 2% drop to pace losses in industrials that eased 0.2%. BOC Hong was the top performer with a 1.9% surge to lift financials 2%.

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