Hong Kong shares decline, financials suffer losses
HONG KONG (MarketWatch) — Hong Kong stocks were lower in early trading Tuesday, dragged down by weakness in financials. The Hang Seng Index was down 1% at 22,934.3 while the finance subindex was down 1.2% and the property sub index was off 0.9%. The mainland-company dominated Hang Seng China Enterprises Index was down 1.1% at 12,745.6. HSBC Holdings fell 1%, pacing the downbeat session for banks, while Hong Kong Exchanges & Clearing , operator of the local stock and futures markets, fell 2%. Away from financials, Lenovo Group shares were 0.4% weaker after data group Gartner reduced its forecast of global personal computer sales in 2010 and 2011 amid economic uncertainty and growing consumer preference for tablet computers. Among stocks shrugging off the downtrend, Li & Fung , a supplier to Walmart and other U.S. retailers, rose 3.1%, extending gains from the previous session on upbeat “Black Friday” weekend sales in the U.S.
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