Hong Kong: Shares fall on worries China losing more steam

[SHANGHAI] Shares in Hong Kong fell on Wednesday on signs that China's economy continued to lose momentum heading into the fourth quarter, and as slumping revenues hit Macau casino shares.

The Hang Seng Index unofficially closed down 0.6 per cent at 23,695.62 points, while the China Enterprises Index of the leading offshore Chinese listings in Hong Kong fell 1.0 per cent.

A series of official and private surveys in recent days have highlighted the risks to China's economy, putting Beijing's official 7.5 per cent growth target for the year in even greater doubt.

Growth in China's services sector weakened further in October as new business cooled, a private survey showed on Wednesday, reinforcing signs of a gradual economic slowdown that could prod the government to unveil fresh stimulus measures.

Top losers were casino shares, after the industry posted its worst month on record in October for gambling revenues. Galaxy Entertainment fell 3.2 per cent, Sands China dropped 3.3 per cent, and Wynn Macau declined 3.5 per cent.

REUTERS