SINGAPORE: Hong Kong stocks fell, with the Hang Seng Index snapping a three-day advance, on a report China has no plans to introduce large-scale stimulus as it did during the global financial crisis and after Spain’s sovereign-credit rating was cut.
The Hang Seng Index dropped 2.2% to 18,641.85 as of 10:53 a.m. in Hong Kong, with all but two shares declining in the 48-member gauge. The equity benchmark is heading for a decline of about 12% this month, the most since September, on concern Europe’s debt crisis will worsen and amid signs China’s economic slowdown is deepening.
Trading volumes were about 0.9% higher compared to the 30-day moving average, according to data compiled by Bloomberg News. The Hang Seng China Enterprises Index of mainland stocks decreased 2.1% to 9,653.38.
China Overseas Land & Investment Ltd., the biggest mainland developer listed in Hong Kong, slipped 1.7%. HSBC Holdings Plc, Europe’s biggest lender, slid 2.1 %. Cnooc Ltd., the nation’s No. 1 offshore oil producer, fell 3 % as crude futures fell. (Bloomberg/T05/aph)
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