HONG KONG: Hong Kong stocks lost ground Wednesday morning, following a drop for U.S. markets overnight. The Hang Seng Index HSI, -0.60% was 0.6% lower after two-day winning streak, while the mainland-China-tracking Hang Seng China Enterprises Index HSCEI, -0.60% dropped 0.4%. On the mainland, Shanghai shares also retreated in choppy trading, with the Shanghai Composite SHCOMP, +0.16% down 0.6% after closing above 4,900 for first time in over seven years. In Hong Kong, index heavyweight China Mobile Ltd. 0941, -1.50% CHL, -0.55% declined 2.1%, and Sino-British banking giant HHSBC Holdings PLC 0005, -0.40% HSBC, -1.48% HSBA, -0.58% fell 1.1%. Bourse-operator Hong Kong Exchange & Clearing Ltd. 0388, -1.10% HKXCF, +3.51% gave up 1.4% after rallying 5.4% on Tuesday. Major Property developers also traded mostly weaker, as index component China Overseas Land & Investment Ltd. 0688, -1.66% CAOVF, -1.45% sagged 2.2%, Evergrande Real Estate Group Ltd. 3333, -0.15% EGRNF, +7.32% shed 2%, Poly Property Group Co. 0119, -0.85% PHKIY, +0.00% dropped 1.5%, and Shimao Property Holdings Ltd. 0813, -1.46% SIOPF, -3.38% 600823, -3.06% moved down 0.9%. Financial shares also softened after a strong rally the previous day, as China Everbright Ltd. 0165, -2.71% CEVIF, +13.51% slid 3.2%, and Ping An Insurance Group Co. 2318, -0.65% PNGAY, +0.86% 601318, -1.94% traded 1.5% lower. On the upside, shares of Zijin Mining Group Co. 2899, +15.72% ZIJMF, +13.74% surged by more than 15% as the name resumed trading following the gold extractor’s announcement of a private share issue to fund acquisitions and new projects.
