Hong Kong Stocks Weak After China Data

MarketWatch Pulse

Hong Kong stocks remained weak Wednesday morning after China's consumer inflation eased to a five-year low in November. The Hang Seng Index drifted lower by 0.2%, extending losses after a 2.3% decline in the previous session. Official data showed Wednesday that China's consumer prices rose 1.4% in November from a year ago, after a 1.6% increase in October. Chinese online major Tencent Holdings Ltd. declined 1.7%, after latest filings showed the company's chairman Pony Ma had reduced his stake in recent days. Oil shares also suffered losses, with state-owned energy giant PetroChina Co. Ltd. falling 1.5%, China Petroleum & Chemical Corporation, or Sinopec , down 1.3%, and offshore oil producer Cnooc Ltd. off 0.6%. However, China Merchants Bank Co., Ltd. recovered some ground after heavy losses in the previous day, advancing 0.9%. Among newly-listed stocks, CGN Power Co., Ltd , the country's largest nuclear energy company, soared 23% on its first day of trading, while optical fiber manufacturer Yangtze Optical Fibre & Cable Joint Stock Ltd. dived 32% in its trading debut. Over on the mainland, the Shanghai Composite Index fell further by 0.1% after a 5.4% plunge on Tuesday.

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