Hang Seng Index drops on property stocks

"Hang Seng Index drops on property stocks | AboutHK.Com - More Information About HK"

V. Phani Kumar Hong Kong shares posted small losses early Wednesday, with property developers extending Tuesday's heavy declines. The Hang Seng Index lost 0.2% to 22,131.11 in early action, while the Hang Seng China Enterprises Index lost 0.2% to 13,118.35. Real-estate stocks continued to suffer on concerns about luxury properties after the Hong Kong Monetary Authority recently tightened credit flows to the segment, with New World Development Co. (HK:17 16.60, -0.18, -1.07%) (NDVL.Y 4.30, -0.18, -4.02%) losing 1.8% and Sino Land Co. (HK:83 14.30, -0.20, -1.38%) falling 1.9%. Aluminum Corp. of China, or Chalco (HK:2600 8.47, -0.30, -3.42%) (ACH 27.25, -0.69, -2.48%) , dropped on overnight weakness in copper prices, despite reporting Tuesday a return to profits after three straight quarterly losses. Its shares fell 1.7%. China's Shanghai Composite rose 0.5% to 3,036.84 after opening lower.