Hong Kong Stocks Decline Amid China Property, Fed Concern
Hong Kong stocks fell, with the city’s benchmark index declining for a second day, amid speculation the Federal Reserve is nearing the end of its easing cycle and after home prices declined in some Chinese cities.
New World Development Co., a Hong Kong-based developer that gets about half of revenue from China, slipped 0.8 percent. Belle International Holdings Ltd. declined 3.7 percent, extending yesterday’s slump, as analysts from Nomura Holdings Inc. and CCB International Securities Ltd. downgraded shares of the women’s shoe retailer. Hopewell Highway Infrastructure Ltd. slid 5.5 percent after the toll-road operator in China reported lower profit.
The Hang Seng Index slipped 0.5 percent to 22,797.53 as of 10:11 a.m. in Hong Kong. The Hang Seng China Enterprises Index (HSCEI) dropped 0.5 percent to 11,365. The gauge of mainland companies yesterday erased gains for the year after Chinese Premier Wen Jiabao called on local authorities to “decisively” curb real estate speculation.
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