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Hong Kong: Stocks fall on profit-taking after strong rebound
[HONG KONG] Hong Kong stocks fell on Tuesday as investors took profits after a three-week rebound that boosted the benchmark Hang Seng Index by more than 13 per cent.
The Hang Seng index ended down 0.4 per cent at 22,989.22 points, while the China Enterprises Index also lost 0.4 per cent to 10,649.45.
Though China's third-quarter economic growth data on Monday was slightly better than expected at 6.9 per cent year-on-year, it confirmed the economy was continuing to slowly lose momentum, adding to the uncertain outlook for demand and corporate profits.
In Hong Kong, all main sectors lost ground on Tuesday, getting no inspiration from a last-hour share price jump on the mainland.
Among the biggest fallers in Hong Kong were commodity-related stocks, which were hit by lingering worries about China's economic health.