H-shares decline to 5-week low
Hong Kong stocks fell, with a gauge of mainland shares listed in the city posting its biggest weekly drop since October, on concerns funding costs on the mainland will remain high even after the central bank injected cash. Ping An Insurance (Group) Co, the mainland’s second-largest insurer, declined 4.6 percent to lead the Hang Seng Index lower. China Everbright Bank Co slumped 2.8 percent on its debut today after raising $3 billion in the city’s biggest initial public offering this year. The Hang Seng China Enterprises Index, also known as the H-share index, lost 1.4 percent to 10,628.50, closing at a five-week low. The measure declined 3.6 percent for the week, erasing all gains since the mainland’s detailed sweeping reform plans last month. The Hang Seng Index today slid 0.3 percent to 22,812.18, falling 1.9 percent for the week.