Hong Kong stocks drop on energy, property shares
HONG KONG (MarketWatch) — Hong Kong shares on Thursday retreated from near two-year highs after data showing the U.S. economy contracted in the fourth quarter and after the Federal Reserve said growth had paused in recent months, with property and energy stocks among those hit. The Hang Seng Index lost 0.5% to 23,696.26 and the Hang Seng China Enterprises Index fell 0.8% to 12,070.45. Cnooc Ltd. fell 2.6% after issuing a below-forecast production estimate for 2013, while Kunlun Energy Co. tumbled 3%. Among developers, Sino Land Co. lost 2.2% and New World Development Co. shed 2.1%. Shares of Chinalco Mining Corp. skidded as trading began in the stock, with shares sliding to 1.62 Hong Kong dollars (20.8 U.S. cents) versus its initial public offering at HK.75. Shares of China Unicom Hong Kong Ltd. rose 2% after its upbeat profit forecast, while Lenovo Group Ltd. climbed 0.8% after posting a strong earnings growth. China’s Shanghai Composite edged up 0.3% to 2,388.47.
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