Hong Kong eq­ui­ties re­treat for third day

China Daily (USA) - - BUSINESS - By BLOOMBERG

Hong Kong stocks suf­fered their big­gest three-day slide in two weeks as petroleum ex­plo­ration and pro­duc­tion com­pa­nies weighed on the mar­ket af­ter CNOOC Ltd re­ported a slump in thirdquar­ter sales.

The Hang Seng In­dex closed 0.8 per­cent lower, tak­ing its three-day loss to 2 per­cent. CNOOC, main­land’s big­gest off­shore oil and gas pro­ducer, lost 2.7 per­cent af­ter post­ing a 15 per­cent fall in third-quar­ter sales as out­put de­clined with cap­i­tal spend­ing. Agauge of main­land com­pa­nies listed in Hong Kong slipped 0.9 per­cent, with China Petroleum & Chem­i­cal Corp and PetroChina Co los­ing more than 1.3 per­cent.

On the main­land, the Shang­hai Com­pos­ite In­dex closed lower for a sec­ond day af­ter reach­ing a nine-month high ear­lier in the week.

The earn­ings sea­son for Hong Kong and main­land com­pa­nies is gath­er­ing pace, with Bank of China Ltd, the first of China’s big lenders to pub­lish its third-quar­ter re­sults, re­port­ing on Wed­nes­day that its net in­ter­est mar­gin nar­rowed as it eked out an­other gain in profit. Chi­nese in­dus­trial com­pa­nies posted 7.7 per­cent growth in earn­ings in Septem­ber from a year ear­lier, of­fi­cial data showed on Thurs­day, slow­ing from 19.5 per­cent a month ear­lier.

The Hang Seng In­dex closed at 23,132.35, and the Hang Seng China En­ter­prises In­dex dropped to 9,608.91. The Shang­hai Com­pos­ite fell 0.1 per­cent.

Bank of Com­mu­ni­ca­tions Co re­treated 1.5 per­cent in Hong Kong, while In­dus­trial & Com­mer­cial Bank of China Ltd dropped 0.6 per­cent.

the de­cline in the bench­mark Shang­hai Com­pos­ite In­dex on Thurs­day

XIN­HUA

Em­ploy­ees of Bank of China Ltd pro­vide cur­rency ex­change ser­vices to cus­tomers at the me­dia cen­ter of the G20 Sum­mit in Hangzhou, Zhe­jiang prov­ince.

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