Hong Kong Stocks Retreat From Six-Year High on Earnings
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Hong Kong stocks fell for the first time in three days as investors weighed earnings after the benchmark index yesterday advanced to a six-year high.
Guangzhou R&F Properties Co. tumbled 7.2 percent after cutting its full-year sales target and reporting a weaker first-half profit. Citic Pacific Ltd. sank 3 percent to lead losses on the Hang Seng Index after the steelmaker revised payment plans for acquiring assets from its state-owned parent. China Modern Dairy Holdings Ltd. climbed 4.6 percent after the milk producer’s first-half net income more than tripled.