HONG KONG: Hong Kong stocks extended losses Wednesday morning, as the Hang Seng Index HSI, -0.32% fell 0.3%, with index heavyweight China Mobile Ltd. 0941, -0.88% CHL, -3.93% weighed with a 1.9% decline.
Smaller rival China Unicom Hong Kong Ltd. 0762, -1.78% CHU, +0.06% lost 2.1% after the company posted a fall in its 2014 revenue, even as its profit rose 16%. Likewise, China Telecom Corp. 0728, +0.00% CHA, -3.77% dropped 1.4%. Several Hong Kong retailers also posted losses as the city’s retail sales dropped nearly 15% in January from a year earlier, partly due to political demonstrations and protests against mainland Chinese visitors. Cosmetics retailer Sa Sa International Holdings Ltd. 0178, -3.00% sagged 2.1%, jeweller Chow Sang Sang Holdings International Ltd. 0116, -4.39% CHOWF, +2.32% shed 1.1%, Chow Tai Fook Jewellery Group Ltd. 1929, -1.22% CJEWF, +0.00% lost 0.7%, and Luk Fook Holdings International Ltd. 0590, -1.62% LKFLF, +0.00% slipped 0.4%. Macau gaming shares pulled back following a previous rebound after the territory’s gambling revenue posted a ninth straight month of decline, falling by a sharp 49% in February from a year earlier. MGM China Holdings Ltd. 2282, -6.39% MCHVF, +2.42% and Wynn Macau Ltd. 1128, -3.55% WYNMF, +4.91% each fell 2.4%, SJM Holdings Ltd. 0880, -2.67% SJMHF, +0.00% gave up 0.7%, and Galaxy Entertainment Group Ltd. 0027, -1.50% GXYEF, +1.25% traded 0.3% lower. However, Melco Crown Entertainment Ltd. 6883, +0.40% MPEL, -0.21% — which plans to delist from the Hong Kong bourse in July — rose 1.1%. Chinese dairy product manufacturer China Mengniu Dairy Co. 2319, +2.86% CIADF, -3.74% rallied 3.7% after UBS raised its target price for the stock. Among other market movers, Bank of China Ltd. 3988, -1.37% BACHY, -2.26% 601988, -1.76% retreated 1.1%, and China Resources Land Ltd. 1109, -2.42% CRBJF, -1.15% fell 1%, but Chinese computer maker Lenovo Group Ltd. 0992, +1.85% LNVGF, +1.31% advanced 2.4%. Over on the Chinese mainland, the Shanghai Composite Index SHCOMP, -0.16% recovered 0.3% after a 2.2% loss the previous day.
