Hong Kong Stocks Decline for Third Day; Banks, Bawang Slide
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Hong Kong stocks fell for a third day after the People’s Daily said China may increase the amount of cash lenders must set aside as reserves, heightening concern the nation will step up moves to tighten monetary policy.
China Construction Bank Corp., the nation’s second-biggest bank, lost 1.6 percent. Bawang International Group Holding Ltd., a hair-care product maker, slumped 6.7 percent after saying it expects to report a loss for 2010. China Agri-Industries Holdings Ltd. plunged 8.2 percent after the biofuel producer forecast 2010 profit will fall.