Hong Kong stocks slashed down earlier advances Friday after China reported a slightly faster-than-expected consumer inflation of 2.5% in January. The Hang Seng Index rallied 0.5% to 22,308.39, after exchanging as much as 1% greater in the open. China’s biggest residential developer Vanke Property Overseas Ltd. relinquished 0.3% after the company’s influential Chairman Wang Shi warned of serious risks facing the domestic property market this year, according to state-run China Securities Journal. Several other leading developers also pulled back in Hong Kong, as Country Garden Holdings Co. gave up 0.7%, and Shimao Property Holdings Ltd. missed 0.5%. Market heavyweight Tencent Holdings Ltd. soared further by 2.1% after increases in the previous session, as the technology giant recently partnered with China’s major retail group — Beijing Wangfujin Department Store — to develop e-commerce on its popular WeChat instant-messaging mobile app. On the Chinese mainland, the Shanghai Composite Index sagged down 0.1% to 2,095.79.
The material has been provided by InstaForex Company – www.instaforex.com
Hong Kong stocks slashed down earlier advances Friday after China reported a slightly faster-than-expected consumer inflation of 2.5% in January. The Hang Seng Index rallied 0.5% to 22,308.39, after exchanging as much as 1% greater in the open. China’s biggest residential developer Vanke Property Overseas Ltd. relinquished 0.3% after the company’s influential Chairman Wang Shi warned of serious risks facing the domestic property market this year, according to state-run China Securities Journal. Several other leading developers also pulled back in Hong Kong, as Country Garden Holdings Co. gave up 0.7%, and Shimao Property Holdings Ltd. missed 0.5%. Market heavyweight Tencent Holdings Ltd. soared further by 2.1% after increases in the previous session, as the technology giant recently partnered with China’s major retail group — Beijing Wangfujin Department Store — to develop e-commerce on its popular WeChat instant-messaging mobile app. On the Chinese mainland, the Shanghai Composite Index sagged down 0.1% to 2,095.79.
The material has been provided by InstaForex Company – www.instaforex.com
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