Property Stocks Lead Slide in Hong Kong Market

Markets Reuters

Hong Kong Stock Exchange (The Associated Press)

Hong Kong stocks fell on Thursday, with property stocks leading the slide, as investors continued to lock in gains after the U.S. Federal Reserve stuck to its mildly upbeat economic view but gave no hint of when it would next raise interest rates.

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The benchmark Hang Seng index slid 0.6 percent to end at 23,184.52 points, while the China Enterprises Index also fell 0.6 percent, to 9,696.32 points.

While strong economic data from the United States and elsewhere underpinned risk assets, uncertainty and concerns over U.S. President Donald Trump's policies left markets on edge. The Federal Reserve on Wednesday held interest rates steady in its first meeting since Trump took office.

Real estate developers led the slide with the property subindex falling 0.7 percent. Shares of Sino Land Co Ltd , which rose 11 percent in January, fell 1.4 percent. China Resources Land Ltd slid 1.5 percent.

Macau gaming stocks remained weak after the world's biggest casino hub posted a less-than-expected rise in January gambling revenue.

Wynn Macau Ltd fell 4.1 percent and Galaxy Entertainment Group Ltd slid 1.7 percent.

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China's markets remain shut for the Lunar New Year holiday and will resume trade on Friday.

(Reporting by Donny Kwok; Editing by Randy Fabi)