Hong Kong Stocks Open Lower Amid Euro Concerns

Hong Kong stocks declined Monday morning, following a weak trend seen in the Japanese market, as the euro fell to its lowest level in more than eight years amid concerns over Greece's future in the eurozone. The Hang Seng Index dropped 0.5% in early moves, cutting into its 1.1% advance Friday. Melco Crown Entertainment Ltd. sank 6.8%, after the Macau casino operator said it planned to delist from the Hong Kong stock exchange limited fundraising opportunities and other issues. Rival Galaxy Entertainment Group Ltd. also moved down 1.4%, but SJM Holdings Ltd. advanced 1.9%. Also among the market movers, index heavyweights HSBC Holdings PLC and China Mobile Ltd. each lost 1.2%, while energy shares were also weaker due to further losses for crude-oil futures, with PetroChina Co. down 1.6%, Cnooc Ltd. off 1.1%, and China Petroleum & Chemical Corp. (Sinopec) lower by 0.5%. Chinese railway giants CSR Corp. and China CNR Corp. retreated 5.4% and 4.4%, respectively, after recent surges stoked by their merger plan. Meanwhile, shares of Fosun International Ltd. added 0.8% after an Italian rival dropped a bid for hospitality major Club M�diterran�e, clearing the way for Fosun to purchase the company. Over on the Chinese mainland, the Shanghai Composite Index popped up 1.4% on the first trading day of the new year after returning from holiday. Real-estate shares in particular saw strong gains in Shanghai, with Poly Real Estate Group Co. up 10%, Gemdale Corp. [s: GMDCF] up 9.3% and China Vanke Co. up 7.3%.