Hong Kong shares slip, led by fall at Sun Hung Kai Properties
Chinese financial markets are closed on Monday for a public holiday
Hong Kong shares fell on Monday, led by Sun Hung Kai Properties on fears of weak demand after local media said the world’s second-largest real estate developer was offering cash discounts at a relaunched project.
The Hang Seng Index finished down 0.7 per cent at 22,974 points, extending losses on Friday. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.9 per cent.
Sun Hung Kai Properties shares sank 2.6 per cent, closing at their lowest since September 13. Overall turnover was weak as investors steered from risk with the U.S. budget impasse showing no signs of resolution.
Mainland Chinese markets will resume trading on Tuesday after a one-week holiday. Data for September money supply and loan growth due from Tuesday will start a fresh batch of China economic data.