Hong Kong Stocks Fall Third Day as China’s Builders Drop
China Resources Land Ltd. (1109) slid 1.9 percent after the southern city of Shenzhen banned developers from raising new home prices. Xinchen China Power retreated 4 percent from its initial offering price. China Resources Power Holdings Co. climbed 1.9 percent, rebounding from yesterday’s loss and leading a measure of utilities higher.
The Hang Seng Index retreated 0.3 percent to 22,833.70 as of 9:55 a.m. in Hong Kong. About five stocks declined for every four that rose, with trading volume 25 percent below the 30-day intraday average. The Hang Seng China Enterprises Index of mainland companies sank 0.4 percent to 11,251.41.
Hang Seng Index (HSI) futures rose 0.1 percent to 22,803. The HSI Volatility Index (VHSI) dropped 0.5 percent to 14.99, indicating traders expect a swing of 4.3 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: Nick Gentle at email@example.com