Hong Kong Stocks Fall As Oil, Casinos Slide

MarketWatch Pulse

Hong Kong stocks opened lower Tuesday, following a weak picture for global equities after the U.S. markets suffered losses overnight. The Hang Seng Index dropped 0.7%, with the Hang Seng China Enterprises also down 0.7%. Oil shares retreated as crude futures hit their lowest levels in more than five years in New York. Cnooc Ltd. lost 2.1%, PetroChina Co. fell 1.5%, and China Petroleum & Chemical Corp. (Sinopec) moved down 1.1%. China Oilfield Services Ltd. also fell sharply, down 3.4%. Casino operators suffered broad declines as well, with Melco Crown Entertainment Ltd. extending recent losses to slide 3.5% lower. Galaxy Entertainment Group Ltd. lost 3.1%, SJM Holdings Ltd. retreated 2.8%, and Sands China Ltd. gave up 2.3%. On the upside, Town Health International Medical Group Ltd. surged more than 34% after resuming trading Tuesday, as the firm sold more 1.7 billion new shares to state-owned giant China Life Insurance Co. for 1.75 billion Hong Kong dollars ($227.5 million). For its own part, China Life gave up 1.8% in Hong Kong, while its Shanghai-listed shares dropped 3.2%. Over on the mainland, meanwhile, the benchmark Shanghai Composite Index rose 0.5%, with notable movers including Daqin Railway Co. (up 10%) and SAIC Motor Corp. (up 9.8%).

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