Hong Kong Stocks Decline on Fiscal Cliff, Growth Concern
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Hong Kong stocks fell, with the benchmark index dropping the most in two weeks, as the Organization for Economic Cooperation & Development said failure to avert the so-called fiscal cliff in the U.S. would increase the risk of global recession.
Techtronic Industries Co., a maker of power tools that counts North America as its biggest market, slid 1.3 percent. Cnooc Ltd., China’s largest offshore energy explorer, dropped 1.7 percent after oil prices declined for a second day yesterday. Guangzhou R&F Properties Ltd., a developer in the southern Chinese city, rose 6 percent after Deutsche Bank AG said the stock was among its top picks.