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Hong Kong: Stocks fall on HSBC results, weak casino operators
[HONG KONG] A six-session winning streak for Hong Kong stocks ended on Tuesday, as HSBC Plc and casino shares sank while some investors locked in gains ahead of major 2014 earnings reports later this week.
The Hang Seng index slid 0.4 per cent to 24,750.07 points. The China Enterprises Index of the top Chinese listings in Hong Kong edged up 0.04 per cent at 12,046.20 points on anticipation of a stronger start in mainland markets when they reopen on Wednesday.
Mainland China markets have been closed since Feb 18 for the Lunar New Year holiday. Hong Kong reopened on Monday.
Hong Kong-listed shares of HSBC dropped 3.5 per cent in their biggest fall in 18 months after the UK emerging markets-focused bank reported a deeper-than-expected 17 per cent slide in annual pretax profit and cut its earnings target.
Shares of casino operators dived as investors locked in gains. Galaxy Entertainment and Sands China both declined 2.7 per cent.
Conglomerate Hutchison Whampoa, property firm Cheung Kong, Sun Hung Kai Properties and New World Development are due to announce results later this week.