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Mainland housing curb call sinks HK stocks
Source: Bloomberg News |
February 22, 2013, Friday
|
Print Edition
Print Edition
HONG Kong stocks dropped, with a gauge of Chinese mainland equities listed in the city erasing this year's gains, amid calls for property curbs on the mainland and as Federal Reserve minutes showed divisions over stimulus measures.
Guangzhou R&F Properties Co slipped 1.6 percent, pacing declines among Chinese developers. Li & Fung Ltd, a supplier of toys and clothes to retailers including Wal-Mart Stores Inc, fell 1.5 percent. Belle International Holdings Ltd tumbled 17 percent after the retailer of women's shoes said it expects 2012 profit to be at the lower end of analyst estimates.
The Hang Seng Index fell 1.7 percent to 22,906.67 in Hong Kong, the lowest close since December 31. The gauge fell 3.5 percent this month, heading for its first monthly drop since September and making it the third-worst performer among the world's developed equity markets, according to data compiled by Bloomberg News.
The Hang Seng China Enterprises Index of mainland companies fell 2.2 percent to 11,426.22, erasing this year's advance. Chinese Premier Wen Jiabao called for local authorities to "decisively" curb real estate speculation and take steps to rein the property market after data showed prices surged the most in two years.
Guangzhou R&F fell to HK$12.48. Country Garden Holdings Co slid 3.3 percent to HK$3.76.
Guangzhou R&F Properties Co slipped 1.6 percent, pacing declines among Chinese developers. Li & Fung Ltd, a supplier of toys and clothes to retailers including Wal-Mart Stores Inc, fell 1.5 percent. Belle International Holdings Ltd tumbled 17 percent after the retailer of women's shoes said it expects 2012 profit to be at the lower end of analyst estimates.
The Hang Seng Index fell 1.7 percent to 22,906.67 in Hong Kong, the lowest close since December 31. The gauge fell 3.5 percent this month, heading for its first monthly drop since September and making it the third-worst performer among the world's developed equity markets, according to data compiled by Bloomberg News.
The Hang Seng China Enterprises Index of mainland companies fell 2.2 percent to 11,426.22, erasing this year's advance. Chinese Premier Wen Jiabao called for local authorities to "decisively" curb real estate speculation and take steps to rein the property market after data showed prices surged the most in two years.
Guangzhou R&F fell to HK$12.48. Country Garden Holdings Co slid 3.3 percent to HK$3.76.
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