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HK stocks on path to hefty monthly losses

01-Jun-2012 Intellasia | Market Watch | 7:01 AM

Hong Kong stocks tumbled early Thursday, all but set to finish the month with hefty double-digit percentage losses, as escalating worries about Europe and overnight slump on Wall Street prompted selling across sectors. The Hang Seng Index HK:HSI -0.22 percent was down 1.4 percent to 18,435.32 and the Hang Seng China Enterprises Index lost 1.3 percent to 9,562.22. At its current level, the Hang Seng Index has lost 12.6 percent of its value just this month. Banks and overeseas-demand dependent stocks led the declines, with HSBC Holdings PLC HK:5 +0.16 percent HBC -3.17 percent losing 1.4 percent, merchandise supplier Li & Fung Ltd HK:494 -4.49 percent LFUGY -1.54 percent slumping 3.8 percent and mailand property firm China Overeseas Land & Investment Ltd CAOVY +36.48 percent HK:688 -3.54 percent sinking 2.8 percent. Energy producers Cnooc Ltd CEO -3.20 percent HK:883 -0.99 percent and PetroChina Co. HK:857 -0.61 percent PTR -3.06 percent lost 2.5 percent and 1.3 percent, respectively, on steep losses for crude-oil futures overnight in New York. China’s Shanghai Composite Index CN:000001 -0.52 percent gave up 0.6 percent to 2,370.63. -By V. Phani Kumar


Category: Hong Kong

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