Hong Kong Stocks Pare Weekly Gain as Developers Lead Decline
Hong Kong stocks fell, in trading volume almost halved on the benchmark gauge, as the city’s developers led a decline that pared yesterday’s gain by the Hang Seng Index.
Wharf (Holdings) Ltd., a developer and owner of shopping malls in Hong Kong, slid 1.7 percent after yesterday jumping 3.2 percent, the most this year. Gold producer Zhaojin Mining Industry Co. slid 3.8 percent as the price of the precious metal headed for its biggest weekly loss this year. Geely Automobile Holdings Ltd., a unit of the Chinese owner of Volvo Cars Corp., extended yesterday’s gain after its January sales volume swelled.
The Hang Seng Index slid 0.2 percent to 23,361.85 as of 10:09 a.m. in Hong Kong, headed toward a 0.6 percent gain for a week shortened to two trading days. Almost twice as many stocks fell as rose, with trading volume about 45 percent lower than the 30-day average for the time of day, according to data compiled by Bloomberg. The Hang Seng China Enterprises Index of mainland companies retreated 0.1 percent to 11,807.79. China’s markets are closed today and will reopen on Feb. 18 after a week-long holiday.
Futures on the Hang Seng Index retreated 0.2 percent to 23,361. The HSI Volatility Index slid 0.8 percent to 14.16, indicating traders expect a swing of 4.1 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: John McCluskey at j.mccluskey@bloomberg.Net