Chinese bank, property stocks turn lower on profit-taking
Hong Kong’s mainland banks and properties stocks finished in a softer note by the midday break on Tuesday, reversing gains from the previous session on likely profit-taking in the market.
Shares of mainland lenders in Hong Kong gave up more ground compared to their listed script in Shanghai.
Hong Kong-traded ICBC dropped 1.5 per cent to HK$6.59, compared with a 2.8 per cent decline to 5.24 yuan in Shanghai.
Meanwhile, Sun Hung Kai Properties gave up 2 per cent, after hitting its 52-week high on Monday, while Henderson Land gave up 4 per cent.
Apart from large cap stocks, Ali Pictures, the Hong Kong-listed movie and entertainment unit of Alibaba, saw a 6.5 per cent drop on Tuesday after a major shareholder and actress Zhao Wei raised HK$1 billion by selling 256 million shares.
In contrast to recent weakness in share price, Galaxy Entertainment managed to rise by 0.5 per cent to HK$38.85 before the company’s opening of its second phrase of Galaxy Macau development by the end of May.
Bank of America analysts said Galaxy Macau’s Phrase 2 could boost the operator’s daily gross revenue in the last week of May, but they forecast that the overall decline in gaming revenue will likely persist in part due to China’s ongoing crackdown on corruption.