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HK shares dip on lower growth report
Source: Bloomberg News |
December 18, 2012, Tuesday
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Print Edition
Print Edition
HONG Kong stocks fell, retreating from a 16-month high, after a report signaled the Chinese mainland may accept slower economic growth in favor of a more sustainable model.
Sino Land Co, a Hong Kong builder controlled by billionaire Robert Ng, fell 1 percent after a report that city officials may take more steps to stabilize the property market. Foxconn International Holdings Ltd, a handset supplier controlled by Hon Hai Precision Industry Co which assembles Apple Inc's iPhone, fell 2.9 percent after Apple was downgraded at Citigroup Inc. China Eastern Airlines Corp jumped 6.3 percent, leading carriers higher after Jefferies Group Inc pointed out that Chinese airlines are set for a cyclical recovery.
The Hang Seng Index fell 0.4 percent to 22,513.61 at the close, dropping by the most in two weeks. The Hang Seng China Enterprises Index of mainland companies slid 0.1 percent to 11,294.11.
"I think the rally ran out of steam," Francis Lun, Hong-Kong based managing director at Lyncean Securities Ltd, said by telephone yesterday. "Last week was a very good week, but there's just not enough driving force behind it."
The Hang Seng Index rallied 23 percent this year through Friday on signs of recovery in the US and China, the world's two largest economies, and as central banks took steps to stimulate global growth.
The mainland said it will seek a higher "quality and efficiency" of growth next year, signaling the government may accept a slower pace of expansion. There was no mention of seeking "relatively fast" growth, a policy in place since 2006, according to a Xinhua news agency report after an annual work conference in Beijing.
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