H-shares de­cline to 5-week low

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

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.

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