Bloomberg News

Hong Kong Stocks Snap Two-Day Gain as Want Want Retreats

March 06, 2013

Hong Kong stocks fell for the first time in three days before data expected to show slower China export growth. Want Want China (151) Holdings Ltd. slid after the snack maker yesterday capped its longest winning streak.

Want Want China slid 2.1 percent. Haitong International Securities Group Ltd. (665) tumbled 6.5 percent after the Hong Kong unit of China’s second-largest brokerage announced a rights offer. MGM China Holdings Ltd. (2282) dropped 2.2 percent after a term sheet showed a shareholder is looking to sell about 25 million shares in the casino operator. Li & Fung Ltd. (494), a supplier to Wal-Mart Stores Inc., rose 1.3 percent after a report showed U.S. employers added more jobs than expected.

The Hang Seng Index slid 0.3 percent to 22,712.45 as of 9:58 a.m. in Hong Kong. About three stocks dropped for every two that rose in the 50-member gauge, with volume about 44 percent below the 30-day intraday average. The Hang Seng China Enterprises Index of mainland companies fell 0.3 percent to 11,330.09.

Hang Seng Index (HSI) futures lost 0.1 percent to 22,624. The HSI Volatility Index (VHSI) slid 0.9 percent to 15.36, indicating traders expect a swing of 4.4 percent for the equity benchmark in the next 30 days.

To contact the reporter on this story: Kana Nishizawa in Hong Kong at knishizawa5@bloomberg.net

To contact the editor responsible for this story: Nick Gentle at ngentle2@bloomberg.net


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