Hong Kong Stocks Drop Most in Three Weeks; Ping An Falls
Cnooc Ltd., China’s biggest offshore oil company, dropped 2.3 percent after crude prices declined a third day. Esprit Holdings Ltd. dropped 1.6 percent after Hang Seng Indexes Co. said the apparel retailer will be removed from the benchmark equity gauge. Aluminum Corporation of China Ltd., also known as Chalco, gained 1.5 percent after its equity rating was raised at Credit Suisse Group AG. Ping An Insurance Group Co. slumped 1.8 percent after its brokerage unit was suspended from underwriting after China’s securities regulator said it helped a fraudulent company list.
The Hang Seng Index lost 0.8 percent to 23,145.81 as of 9:53 a.m. in Hong Kong, with about six stocks falling for each that rose on the 50-member gauge. The Hang Seng China Enterprises Index (HSCEI) of mainland companies lost 1.1 percent to 11,222.28.
Futures on the Hang Seng Index dropped 0.8 percent to 23,007. The HSI Volatility Index increased 4 percent to 15.28, indicating traders expect a swing of 4.4 percent for the equity benchmark in the next 30 days.
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