Hong Kong stocks drop, led by HSBC, property names
HONG KONG (MarketWatch) — Hong Kong stocks declined from 19-month highs early Friday after minutes of the Federal Reserve’s last meeting raised concerns about how long the quantitative easing would last, with HSBC Holdings PLC and property developers leading the drop. The Hang Seng Index fell 0.6% to 23,264.32 and the Hang Seng China Enterprises Index lost 0.7% to 11,909.98. Heavyweight HSBC skidded 1.3% following the weak cue from Wall Street. Shares of China Resources Land Ltd. fell 2.6% and Ping An Insurance Group Co. dropped 0.6% on profit-taking after hefty recent gains; the stocks are still up more than 8% in the week to date. Mainland Chinese markets, meanwhile, reopened for trading after a string of holidays to post solid gains, playing catch-up with a rally in global markets; the Shanghai Composite rose 0.9% to 2,288.75.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.