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Home / International Markets / Hong Kong stocks drop, Hang Seng sheds 0.9%
Hong Kong stocks drop, Hang Seng sheds 0.9%

Hong Kong stocks drop, Hang Seng sheds 0.9%

HONG KONG: Hong Kong stocks lowered on Tuesday morning, with energy shares as a major haul on the back of dipping international crude-oil value.
The Hang Seng Index HSI, -0.93% retreated 0.9%. Offshore oil and gas producer Cnooc Ltd. 0883, -4.18% CEO, -3.34% tumbled 3%, energy giant PetroChina Co. 0857, -3.64% 601857, -2.81% PTR, -4.06% lost 2.6%, and refiner China Petroleum & Chemical Corp., or Sinopec, 0386, -3.23% SNP, -4.77% slid 2.5%, while China Oilfield Services Ltd. 2882, -6.25% 601808, +3.45% CHOLY, -2.12% suffered a 3.2% loss. Major Chinese banks likewise retreated after previous gains, as Agricultural Bank of China Ltd. 1288, -1.80% ACGBF, +3.26% 601288, -2.38% fell 2.1%, and China Construction Bank Corp. 0939, -1.72% CICHF, +3.42% 601939, -2.78% dropped 1.6%. Brokerage firms also pulled back after the previous rally fueled by the widely anticipated launch of stock options in China next year. Among them, Guotai Junan International Holdings Ltd. 1788, -3.42% retreated 5.5%, Haitong International Securities Group Co. (formerly Taifook Securities) 0665, -3.76% TFSGF sank 5.1%, and China Galaxy Securities Co. 6881, -0.18% weakened by 3.3%, although Shenyin Wanguo HK Ltd. 0218, +17.58% added another 0.6% to its gains. Major real-estate developer China Resources Land Ltd. 1109, +2.54% CRBJF, +3.52% also bucked the trend to advance 0.8%, after saying it planned to acquire property assets from its parent, China Resources Co., for 14.8 billion yuan ($2.4 billion) with cash and new shares. Over on the Chinese mainland, the Shanghai Composite Index SHCOMP, +1.24% gave up 0.9% after a 2.8% gain on Monday