Hong Kong’s Stock Index Drops to Two-Week Low; China Coal Slumps
This article is for subscribers only.
Hong Kong stocks fell, dragging the benchmark index to its lowest close in two weeks, as banks and property developers declined after a report said China’s biggest lenders have stopped new loans to real-estate companies.
Industrial & Commercial Bank of China Ltd., the nation’s biggest lender, dropped 1.8 percent even after denying the report. China Overseas Land & Investment Ltd., controlled by the construction ministry, dropped 2.9 percent. China Coal Energy Co., a unit of the country’s second-largest producer of the fuel, plunged 4.1 percent after reporting lower sales.