Hong Kong Stocks Slide After Yesterday Surging to Six-Year High
Hong Kong stocks slipped, after the benchmark index yesterday rose to a six-year high, as utilities led declines. Units of China’s two biggest rail companies were suspended from trading after a report they may be merged.
Hong Kong and China Gas Co. slid 1.4 percent, leading its peers lower. Diaper-maker Hengan International Group Co. (1044) led declines on the Hang Seng Index, falling 1.6 percent, after BNP Paribas SA cut its rating on the stock. SmarTone Telecommunications Holdings Ltd. dropped 3.1 percent after full-year profit fell.
The Hang Seng Index fell 0.3 percent to 25,249.65 as of 9:47 a.m. in Hong Kong. The Hang Seng China Enterprises Index, or H-shares gauge, advanced 0.2 percent to 11,336.56. Both measures yesterday rose the most since November, with the Hang Seng Index surging to its highest since May 2008, as growth in mainland service industries accelerated and the risk of protests in Hong Kong’s financial district eased.
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