Hong Kong Stocks Retreat, With Casinos, Banks Falling

MarketWatch Pulse

Hong Kong stocks traded lower early Wednesday, with weakness in financials and casino shares helping to drag the Hang Seng Index to a 0.7% loss. The H-share index was 1% lower, though over on the Chinese mainland, the Shanghai Composite lost a more modest 0.5%. With Macau gambling revenue for October registering its biggest fall since 2009, casino shares sold off, as Hang Seng components Sands China Ltd. and Galaxy Entertainment Group Ltd. lost 4.2% and 4%, respectively. Energy shares suffered further from the drop in crude-oil prices, with PetroChina Co. 1.5% lower, and Cnooc Ltd. down 1.2%. Financials also moved broadly lower, with Industrial & Commercial Bank of China Ltd. down 1%, Agricultural Bank of China Ltd. off 1.4%, and Haitong Securities Co. lower by 1.4%. Also losing ground, PICC Property & Calsualty Co. fell 4% on news a rights issue.

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