Hong Kong Stocks Follow Weak Regional Trend

MarketWatch Pulse

Hong Kong stocks retreated in early hours on Thursday, following the weak regional trend on a U.S. sell-off overnight. The Hang Seng Index shredded 0.9%. Stocks posted a broad decline, as banks and tech stocks suffered substantial losses. Sino-British banking giant HSBC Holdings PLC skidded 1.3%, Standard Chartered PLC fell 1.2%, Bank of China Ltd. lost 1.1%, Industrial and Commercial Bank of China Ltd. dropped 1%, and China Construction Bank Corporation traded 0.9% lower. In the tech sector, PC maker Lenovo Group Ltd. tumbled 2.9%, online game developer Baioo Family Interactive Ltd. slid 2.8%, rival Forgame Holdings Ltd. gave up 0.9%, and online major Tencent Holdings drifted 0.4% lower. Meanwhile, Macau casino operator Sands China Ltd. moved down 1.7%, after its net revenues dropped 0.4% to $2.3 billion last quarter. Rival SJM Holdings Ltd. fell 1.4%, and MGM China Holdings Ltd. gave up 1.11%. Over on the mainland, the Shanghai Composite Index inched 0.1% lower.

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