HONG KONG: Hong Kong stocks have eased 0.20 per cent, giving up early gains following a three-day rally, but Shanghai extended a recent winning streak on hopes China will unveil fresh economy-boosting measures.
The benchmark Hang Seng Index dipped 48.06 points to 23,901.49 on turnover of HK$80.09 billion ($10.33 billion).
The index rose in line with regional markets in the morning following a surge on Wall Street after weak manufacturing and industrial data tempered talk of a US rate hike in the early summer.
But news that Chinese property firm Guangzhou R&F had missed its full-year earnings forecast sent shudders through the market and prompted a round of profit-taking.
Andrew Sullivan, head of sales trading at Haitong International Securities in Hong Kong, said: “The worry is there is a lot more bad news out there.”
