Hong Kong Stocks Fall as Developers Slide; Zoomlion Drops
Hong Kong stocks fell the first time in three days as developers dropped amid concern city home sales are slowing. Zoomlion Heavy Industry Science & Technology Co. slumped as it resumed trading after denying it falsified sales.
Wharf Holdings Ltd. (4), the No. 3 developer in Hong Kong by market value, slid 1.6 percent after BOC Hong Kong (Holdings) Ltd. said its mortgage business may worsen this year. Zoomlion sank 4.6 percent as shares of China’s second-largest maker of construction equipment restarted after halting on a report it improperly accounted for sales. Li & Fung Ltd. (494), a supplier to Wal-Mart Stores Inc., gained 1 percent after data showed U.S. consumer confidence rose to the highest level since 2008.
The Hang Seng Index fell 0.5 percent to 22,805.95 as of 9:52 a.m. in Hong Kong. Six stocks declined for each that gained on the 50-member gauge amid trading volume that was 38 percent lower than the 30-day intraday average. The Hang Seng China Enterprises Index (HSCEI) of mainland companies retreated 0.5 percent to 10,867.40.
Futures on the Hang Seng Index dropped 0.5 percent to 22,746. The HSI Volatility Index gained 1.3 percent to 16.74, indicating traders expect a swing of 4.8 percent for the equity benchmark in the next 30 days.
To contact the reporter on this story: Kana Nishizawa in Hong Kong at firstname.lastname@example.org
To contact the editor responsible for this story: Nick Gentle at email@example.com