Hong Kong’s Stocks Post First Drop in a Week on China, U.S. Data
Cnooc Ltd. (883), China’s biggest offshore oil producer, slumped 2.1 percent and United Co. Rusal, the world’s biggest aluminum producer, fell 2.3 percent after oil and metal prices dropped yesterday. Man Wah Holdings Ltd. (1999), a sofa maker that gets half of its sales from the U.S., dropped 0.8 percent. China Merchants Holdings International Co., which operates ports in China and abroad, retreated 2.9 percent.
The Hang Seng Index slid 0.5 percent to 22,626 as of 10:09 a.m. in Hong Kong, with about five stocks declining for each that rose. The index is headed for its biggest drop since April 23. The Hang Seng China Enterprises Index (HSCEI) of mainland companies traded in the city dropped 1.4 percent to 10,760.23 as the nation’s markets reopened after a three-day holiday.
Hang Seng Index (HSI) futures fell 0.6 percent to 22,462. The HSI Volatility Index slid 3.6 percent to 15.97, indicating traders expect a swing of 4.6 percent for the equity benchmark in the next 30 days.
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