Hong Kong Nudges Lower As Telecoms, Metal Shares Fall

MarketWatch Pulse

Hong Kong stocks nudged lower Tuesday morning, with the Hang Seng Index down 0.2%. Chinese smartphone maker ZTE Corp. declined 2.3% amid news it plans to spend over 1 billion yuan ($161 million) on marketing and branding in 2015. Telecom-service companies also posted broad losses, with China Unicom Hong Kong Ltd. down 1.3%, China Telecom Corp. off 0.4%, and China Mobile Ltd. lower by 0.3%. Iron-ore extractor China Zhongsheng Resources Holdings Ltd. tumbled 4.8%, as it forecast a swing to loss for 2014. Other iron and steel names also suffered losses, as Angang Steel Co. fell 1.3%, Maanshan Iron & Steel Co. lost 0.9%, and Chongqing Iron & Steel Co. dropped 0.6%. However, Hong Kong-based Kerry Logistics Network Ltd. edged up 0.2% after it said the company would purchase a 70% stake in Dubai-based Able Logistics Group. Over on the mainland, the Shanghai Composite Index retreated 0.1% after three straight days of gains.

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