Li & Fung Ltd., a retailer that gets more than half its sales in the U.S., sank 2.9 percent. Esprit Holdings Ltd., a clothing retailer that gets most of its revenue from Europe, dropped 2.1 percent. China Unicom Hong Kong Ltd., the nation's second-largest mobile phone company by market value, sank 1.6 percent after Mirae Asset Securities cut its rating on the stock. IRICO Group Electronics Co., a glass-bulbs maker, surged 12 percent on a higher profit outlook.
"Investors are staying on the sideline amid all the uncertainties surrounding the Euro debt problem and the U.S. debt-ceiling issue," said Ben Kwong, chief operating officer at KGI Asia Ltd. "The lingering concern is the major reason why the market is lacking fund inflow."
The Hang Seng Index fell 0.3 percent to 21,736.35 as of 10:58 a.m. local time, with about twice as many stocks dropping as gaining in the 46-member gauge. The index is headed for its longest losing streak since the five-day loss that ended June 20. The Hang Seng China Enterprises Index of Chinese companies' H shares fell 0.6 percent to 12,191.42.
Li & Fung sank 2.9 percent to HK$13.58, while Yue Yuen Industrial Holdings Ltd., which makes shoes for Nike Inc., slid 0.6 percent to HK$24.60. Esprit fell 2.1 percent to HK$20.75, and Cosco Pacific Ltd., which operates container facilities at Greece's Piraeus port, lost 1.4 percent to HK$12.82
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