Hong Kong Stocks Fall for Second Day on Cyprus; Li & Fung Drops
Hong Kong stocks fell for a second day as Cyprus’s president worked on a new plan to obtain a European bailout and after German manufacturing contracted. Losses were limited as better-than-forecast U.S. data added to signs the world’s largest economy is recovering.
HSBC Holdings Plc (5), Europe’s biggest lender, slid 1.2 percent. Li & Fung Ltd. (494), the world’s largest supplier of clothes and toys to retailers, fell 1.3 percent after saying it will miss its 2013 profit target. AAC Technologies Holdings Inc. (2018), an acoustic components maker that gets half its revenue from the U.S., rose 1.9 percent. China Unicom Hong Kong Ltd. (762), the nation’s second-largest mobile-phone company, gained 4.1 percent after its fourth-quarter profit beat analyst estimates.
The Hang Seng Index slid 0.4 percent to 22,143.20 as of 9:56 a.m. in Hong Kong, with about three stocks declining for every two that gained. For the week, the gauge is headed for a 1.7 percent slide, its second straight weekly drop. The Hang Seng China Enterprises Index of mainland companies slid 0.5 percent to 10,893.45.
Hang Seng Index (HSI) futures slid 0.4 percent to 22,177. The HSI Volatility Index (VHSI) retreated 1.1 percent to 16.01, indicating traders expect a swing of 4.6 percent for the equity benchmark in the next 30 days.
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