Hong Kong stocks fell, with the city’s equity benchmark headed for its biggest drop since March, amid concern the Federal Reserve may raise interest rates sooner than anticipated. Tencent Holdings Ltd. was the biggest drag on the Hang Seng Index. (HSI)
China Resources Land Ltd. (1109), the second-largest mainland developer listed in Hong Kong, led declines after China home sales slid. Sands China Ltd. slipped 2.5 percent as casino shares retreated after Nomura Holdings Inc. said it expects Macau gaming revenue to fall this month. AAC Technologies Holdings Inc. (2018), which supplies speakers to Apple (AAPL) Inc., lost 2.9 percent after the U.S. technology company unveiled new devices.
The Hang Seng Index slid 1.7 percent to 24,757.46 as of 1:08 p.m. in Hong Kong, with all but three shares declining on the 50-member gauge. Volume on the measure was 31 percent higher than the 30-day intraday average. The Hang Seng China Enterprises Index, also known as the H-share index, sank 2.1 percent to 11,171.96. The city’s markets were shut yesterday for a holiday.