Pursuits
Hong Kong Stocks Fall Most in Five Weeks as Developers Retreat
- Wharf, Sun Hung Kai decline after leading gains in July
- Crude trades below $40 a barrel, weighing on energy producers
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Hong Kong stocks fell the most in more than five weeks as investors cashed out of some of last month’s best performers and a slump in crude prices dragged down energy producers.
The Hang Seng Index dropped 1.8 percent at the close, its biggest loss since June 24. Sun Hung Kai Properties Ltd., which had its best month in July in almost five years, declined, as did shopping-mall operator Wharf Holdings Ltd. HSBC Holdings Plc was the only riser as it announced a share buyback aimed at reversing a share slump. Cnooc Ltd. retreated the most since Feb. 11 as U.S. oil traded below $40 a barrel. The Shanghai Composite Index lost 0.2 percent.