Stocks de­cline on fund­ing con­cerns

China Daily (Hong Kong) - - NATION | DIGEST -

Hong Kong stocks fell, with the bench­mark in­dex headed for its steep­est drop in a week, as higher fund­ing costs on the main­land weighed on sen­ti­ment. Lenders and prop­erty de­vel­op­ers de­clined. China Con­struc­tion Bank Corp, the na­tion’s sec­ond­largest lender, slumped 1.7 per­cent. Hang Lung Prop­er­ties Ltd, a Hong Kong-based de­vel­oper that in­vests in main­land shop­ping malls, dropped 4.6 per­cent on con­cern the US Fed­eral Re­serve’s de­ci­sion to trim stim­u­lus will lead to higher in­ter­est rates. The Hang Seng In­dex dropped 1.1 per­cent to 22,888.75 at the close in Hong Kong, its big­gest de­cline since Dec 11. About seven stocks fell for each that gained on the 50-mem­ber gauge amid vol­ume 23 per­cent higher than the 30-day av­er­age. The Hang Seng China En­ter­prises In­dex, also known as the H-share in­dex, re­treated 1.7 per­cent to 10,777.91. The gauge is less than 1 per­cent away from eras­ing its gains since the main­land’s de­tailed re­form mea­sures were an­nounced on Nov 15.

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