Hong Kong stocks fall for third day
Hong Kong stocks fell, with the city’s benchmark index sliding for a third day, amid concern the US budget deal will give the Federal Reserve confidence to reduce bond purchases. Li & Fung Ltd, a supplier of toys and clothes to retailers including WalMart Stores Inc, sank 4.7 percent. Tencent Holdings Ltd lost 1.5 percent, with Asia’s largest Internet company falling from a record high on Wednesday. China Cinda Asset Management Co, a State-owned bad-loan manager, soared 26 percent on its debut. The Hang Seng Index decreased 0.5 percent to 23,218.12 at the close, with about two shares falling for each that rose. The Hang Seng China Enterprises Index of mainland shares, also known as the H-share index, dropped 1 percent to 10,962.18.