Hong Kong Stocks Drop on China Coal Earnings, Japanese Reactor
This article is for subscribers only.
Hong Kong stocks fell, driving the benchmark Hang Seng Index lower for the first time in four days, as China Coal Energy Co.’s earnings missed analyst estimates and engineers struggled to get power to a crippled Japanese reactor.
China Coal, the nation’s No. 2 producer of the fuel, tumbled 9.1 percent. Maanshan Iron & Steel Co., China’s second-biggest Hong Kong-traded steelmaker, declined 2.4 percent after saying second-half earnings slumped 95 percent. Foxconn International Holdings Ltd. dropped 1.6 percent on renewed concern damage from the March 11 earthquake in Japan will disrupt supplies.