Hong Kong sheds early gains with banks retreating

"Hong Kong sheds early gains with banks retreating | AboutHK.Com - More Information About HK"

MarketWatch

Gains in Hong Kong shares evaporated in Wednesday morning trading, as mainland Chinese banks reversed direction amid policy-tightening concerns, and as weak sentiment toward local property firms continued to weigh. The Hang Seng Index lost 0.4% to 20,067.0, while the Hang Seng China Enterprises Index fell 0.5% to 11,448.6. China Construction Bank (CN:601939 5.19, +0.04, +0.78%) (HK:939 6.39, +0.08, +1.27%) (CICHF 0.81, -0.02, -1.83%) was down 0.6%, while China Merchants Bank Co. (CN:600036 14.03, +0.38, +2.78%) (HK:3968 18.30, +0.56, +3.16%) (CIHHF 2.27, +0.02, +0.89%) lost 0.9%, after a Chinese news report cited a central bank adviser as saying the time was ripe for interest-rate hike. Real-estate stocks also extended falls after poor demand during a government land auction Tuesday, with Sun Hung Kai Properties Ltd. (HK:16 104.90, +1.90, +1.84%) (SUHJ.Y 13.33, +0.07, +0.53%) fallilng 1.4%. China's Shanghai Composite fell 0.2%, also turning back into negative ground.