Hong Kong: Stock rally peters out as energy shares fall

[HONG KONG] Hong Kong stocks lost ground on Wednesday as a two-day solid rally petered out, thanks in part to slumping energy shares that dragged down the market.

The Hang Seng index fell 1.0 per cent, to 18,924.57, while the China Enterprises Index lost 1.2 per cent, to 7,928.76 points.

An index tracking energy stocks tanked 3.2 per cent, as investors, who had bet on a cut in global oil production, gave a lukewarm response to a potential deal between Saudi Arabia and Russia to freeze oil output at January levels.

REUTERS