Bloomberg Anywhere Remote Login Bloomberg Terminal Demo Request


Connecting decision makers to a dynamic network of information, people and ideas, Bloomberg quickly and accurately delivers business and financial information, news and insight around the world.


Financial Products

Enterprise Products


Customer Support

  • Americas

    +1 212 318 2000

  • Europe, Middle East, & Africa

    +44 20 7330 7500

  • Asia Pacific

    +65 6212 1000


Industry Products

Media Services

Follow Us

China Stocks in Hong Kong Cap 10-Day Loss; Lenders Slide

Hong Kong stocks fell, with a gauge of Chinese companies listed in the city headed for its longest losing streak in 17 years. Declines were led by financial and real estate companies.

Hang Lung Properties Ltd., a Hong Kong-based developer that gets 42 percent of sales from China, sank 3.8 percent. Agricultural Bank of China Ltd., the nation’s third-biggest lender, slid 1.7 percent. Zijin Mining Group Co., the nation’s No. 1 producer of gold, fell 4.7 percent as bullion traded near a two-week low. Cathay Pacific Airways Ltd., Asia’s largest international carrier, dropped 1.6 percent after canceling flights to Paris due to a strike in French airports.

The Hang Seng China Enterprises Index dropped 1.7 percent to 9,959.74 in Hong Kong, the lowest close since Oct. 8. The gauge retreated for a tenth day, its longest such streak since November 1995. Chinese markets are shut until June 13 for holidays, and Hong Kong will also be closed tomorrow. The Hang Seng Index declined 1.2 percent to 21,354.66, closing at the lowest since Nov. 20.

“There’s a bit of a slow drift due to a lack of catalysts,” said Marco Li, a Hong Kong-based portfolio manager at Manulife Asset Management, which oversees $238 billion. “Economic data from China hasn’t been as good as people would like.”

GDP growth estimates for China were cut at Australia & New Zealand Banking Group Ltd., Barclays Plc and Daiwa Securities Group Inc. after weekend reports showed the nation’s industrial production rose less than forecast last month, while export gains were at a 10-month low and imports dropped.

Worst Performer

The benchmark Hang Seng Index dropped 5.8 percent this year, making Hong Kong the worst performer among the world’s developed equity markets, according to data compiled by Bloomberg. Trading volume was 32 percent higher than the 30-day average. All but three shares declined on the 50-member gauge.

Shares on the gauge traded at 10.3 times estimated earnings, compared with 14.9 times for the Standard & Poor’s 500 Index and 12.95 for the Stoxx Europe 600 Index.

Mainland lenders and developers declined. Agricultural Bank of China slid 1.7 percent to HK$3.45. Industrial & Commercial Bank of China Ltd. the world’s biggest lender by market value, lost 1.3 percent to HK$5.17. Bank of China Ltd. sank 3 percent to HK$3.26.

Hang Lung Properties dropped 3.8 percent to HK$25.30. China Resources Land Ltd., a state-owned property company, slipped 3.4 percent to HK$21.60. Shimao Property Holdings Ltd., controlled by billionaire Hui Wing Mau, decreased 4 percent to HK$15.66.

Zijin, Glencore

Gold producers slipped after prices for the precious metal retreated. Zijin Mining dropped 4.7 percent to HK$1.82. Zhaojin Mining Industry Co. declined 4.3 percent to HK$6.76.

Glencore Xstrata Plc, the world’s largest exporter of power-station coal, slid 2.1 percent to HK$36.90. The miner is being investigated by Italian authorities on allegations of evading more than 120 million euros ($158 million) in taxes.

Cathay Pacific fell 1.6 percent to HK$13.82. The carrier canceled half of its flights between Hong Kong and Paris from through June 13 as workers in French airports go on strike.

Futures on the Hang Seng Index fell 1.1 percent to 21,160. The HSI Volatility Index rose 1.6 percent to 19.04, indicating traders expect a swing of 5.5 percent for the city’s benchmark equity measure in the next 30 days.

Please upgrade your Browser

Your browser is out-of-date. Please download one of these excellent browsers:

Chrome, Firefox, Safari, Opera or Internet Explorer.