Hong Kong Stocks Retreat After Six-day Win Streak

MarketWatch Pulse

Hong Kong stocks pulled back Friday morning, after six straight sessions of gains. The Hang Seng Index erased opening gains and edged down 0.2% in choppy session. Meanwhile, the mainland-China-tracking Hang Seng China Enterprises dropped 0.3%. The tech sector was substantially weak, as online game developer Boyaa Interactive International Ltd. sank 5.6%, software developer Kingdee International Software Group Co. Ltd. declined 4.3%, and online-transaction service provider China Binary Sale Technology Ltd. lost 3.5%. Index heavyweight Tencent Holdings Ltd. fell 0.4%. Several leading real estate developer also dropped sharply, as Hang Seng constituent China Overseas Land & Investment Ltd. sagged 3.2%, and China Resources Land Ltd. , also an index component, shed 3%. However, several major CHinese banks extended gains, with China Citic Bank Corporation Ltd. rising 0.6%, Bank of Communications Co., Ltd. up 0.5%, and Bank of China Ltd. higher by 0.4%. Sino-British banking giant HSBC Holdings plc also improved by 0.5%. On the mainland itself, the Shanghai Composite Index rebounded 0.5%, after pulling back on Thursday from a five-day winning streak.

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