Update | Hong Kong stocks give up ground, dragged by mainland property developers, financials
The Hang Seng Index slipped 1.48 per cent to 30,965.68
Hong Kong stocks dropped on Thursday, dragged lower by Chinese financials and property developers following a round of Wall Street losses overnight after the release of minutes from the Federal Reserve’s January meeting. Mainland markets were higher in resumed trading after a week-long holiday.
The Hang Seng Index slipped 1.48 per cent to 30,965.68, and the Hang Seng China Enterprises Index fell 1.25 per cent to 12,528.64.
Investors took profit after a market rally on Wednesday was viewed as excessive, especially given the volatility in global stocks.
Ping An Insurance dropped 1.67 per cent to HK$85.15 after Wednesday’s 1.76 per cent rise, China Construction Bank lost 1.99 per cent to HK$8.39 after rising 2.76 per cent and Industrial & Commercial Bank of China eased 2.25 per cent to HK$6.95 after climbing 3.34 per cent.
Chinese property developers tumbled with Evergrande Group sliding 4.02 per cent to HK$23.85, China Overseas Land and Investment easing 3.13 per cent to HK$27.85 and Country Garden falling 1.26 per cent to HK$14.16.
Internet giant Tencent Holdings fell 2.53 per cent to HK$446.40 while Chinese lens maker Sunny Optical Technology Group lost 2.80 per cent to HK$128.50.