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HK shares halt 2-day rebound
Source: Bloomberg News |
November 16, 2011, Wednesday
|
Print Edition
Print Edition
HONG Kong stocks fell, ending a two-day rally, as surging European borrowing costs rekindled concern the sovereign-debt crisis will spread, damping earnings prospects for banks and exporters.
European lenders Standard Chartered Plc and HSBC Holdings Plc both slid in Hong Kong. Evergrande Real Estate Group Ltd, China's second-largest developer by sales, slumped 6 percent after its chairman said the outlook for housing prices is "difficult." China Railway Group Ltd, the nation's biggest builder of train tracks, sank 3.2 percent as government spending on railway construction dropped.
"There's still lots of uncertainties coming up in Europe," said Linus Yip, chief strategist at First Shanghai Securities in Hong Kong. "Surging bond yields will be a challenge for the new Italian prime minister."
The Hang Seng Index eased 0.8 percent to end at 19,348.44 in Hong Kong. The gauge slumped 3.6 percent last week, the biggest weekly fall since September 23, after Italian bond yields rose to levels that prompted other eurozone countries to seek bailouts.
The Hang Seng China Enterprises Index of Chinese firms listed in Hong Kong fell 0.7 percent to 10,637.86.
Companies with exposure to Europe declined after Italy sold 3 billion euros (US$4.1 billion) of five-year bonds at the highest yield since 1997. Yields on 10-year Spanish debt jumped above 6 percent for the first time since August 8 when the European Central Bank was said to have started buying the nation's debt.
Standard Chartered, the UK's No. 2 lender by market value, sank 4.1 percent to HK$168 (US$28). HSBC Holdings Plc, Europe's largest bank, fell 1.9 percent to HK$62.05.
European lenders Standard Chartered Plc and HSBC Holdings Plc both slid in Hong Kong. Evergrande Real Estate Group Ltd, China's second-largest developer by sales, slumped 6 percent after its chairman said the outlook for housing prices is "difficult." China Railway Group Ltd, the nation's biggest builder of train tracks, sank 3.2 percent as government spending on railway construction dropped.
"There's still lots of uncertainties coming up in Europe," said Linus Yip, chief strategist at First Shanghai Securities in Hong Kong. "Surging bond yields will be a challenge for the new Italian prime minister."
The Hang Seng Index eased 0.8 percent to end at 19,348.44 in Hong Kong. The gauge slumped 3.6 percent last week, the biggest weekly fall since September 23, after Italian bond yields rose to levels that prompted other eurozone countries to seek bailouts.
The Hang Seng China Enterprises Index of Chinese firms listed in Hong Kong fell 0.7 percent to 10,637.86.
Companies with exposure to Europe declined after Italy sold 3 billion euros (US$4.1 billion) of five-year bonds at the highest yield since 1997. Yields on 10-year Spanish debt jumped above 6 percent for the first time since August 8 when the European Central Bank was said to have started buying the nation's debt.
Standard Chartered, the UK's No. 2 lender by market value, sank 4.1 percent to HK$168 (US$28). HSBC Holdings Plc, Europe's largest bank, fell 1.9 percent to HK$62.05.
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