Hong Kong slips on property shares; casinos rise
HONG KONG (MarketWatch) — Hong Kong shares edged slightly lower but traded within a narrow range early Friday, with Chinese property developers declining amid concerns Beijing might raise interest rates. The Hang Seng Index dropped 0.3% to 22,601.52 and the Hang Seng China Enterprises Index lost 0.3% to 12,398.36. China Overseas Land & Investment Ltd. gave up 1.9% and China Resources Land Ltd. fell 0.6%, offsetting gains in some banks, with heavyweight HSBC Holdings PLC rising 0.3% in the wake of overnight gains on Wall Street. Gaming stocks rose, tracking U.S. casino operators, on news that U.S. Consul General Stephen Young has urged the Macau government to more fairly process labor requests by foreign investors. Shares of Sands China Ltd. rose 1.1% and Melco International Development Ltd. rose 3.3%. China’s Shanghai Composite Index , meanwhile, slipped 0.3% to 2,889.83.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
View full post on All Stories