Hong Kong Stocks Fall As Energy Shares Weak

MarketWatch Pulse

Hong Kong stocks fell for a second day, as the Hang Seng Index dropped 0.3%. Energy shares sold off, after international crude oil prices sank to a four-and-a-half year low on news that OPEC has kept its production levels unchanged. Offshore oil producer Cnooc Ltd. slid 5.7%, China's largest oil producer PetroChina Co. Ltd. declined 4%, and China Petroleum & Chemical Corporation, also known as Sinopec , tumbled 3%. Among other energy plays, China Oilfield Services Ltd. skidded 6%, and China Oil & Gas Group Ltd. lost 2.5%. However, airlines and shipping stocks rallied on declining oil prices, as Cathay Pacific Airways Ltd. surged 6.4%, Air China Ltd. spiked 5.4%, and China Eastern Airlines Corporation Ltd. leapt 5.2%. Other top outperformers in the shipping sector included China COSCO Holdings Ltd. , soaring 6.3%, China Shipping Container Lines Co. Ltd. , jumping 5.6%, SITC International Holdings Co., Ltd. climbing 4.7%. Over on the mainland, the Shanghai Composite Index inched up 0.1%.

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