Bloomberg (04/9) -- Hong Kong stocks fell, with the benchmark index snapping the longest winning streak in three weeks, amid increased odds of a U.S. military strike on Syria. The Hang Seng Index slid 0.9 percent to 22,185.15 as of 9:31 a.m. in Hong Kong, retreating for the first time in five days. All but nine shares fell on the 50-member gauge. The Hang Seng China Enterprises Index dropped 1.4 percent to 10,106.12 after advancing to a three-month high yesterday. The Hang Seng Index pared this year�s loss to 1.2 percent through yesterday as factory output data from around the world this week added to signs of global economic recovery. The gauge is still the second-worst performer this year among developed markets tracked by Bloomberg, and traded at 10.7 times estimated earnings yesterday, compared with 14.8 for the Standard & Poor�s 500 Index. Futures on the S&P 500 lost 0.1 percent today. The measure climbed 0.4 percent yesterday in New York as economic data outweighed heightened concern over Syria. Data showed the Institute for Supply Management�s U.S. manufacturing index last month increased to its strongest since June 2011, exceeding economists� estimates. President Barack Obama won endorsement from top Republican lawmakers to help makes his case that the Syrian government was behind an alleged sarin gas attack against civilians last month. Separately, the Senate Foreign Relations Committee agreed on a draft resolution authorizing force that would set a 90-day limit on U.S. military action. The Hang Seng China Enterprises Index, also known as the H-share index, dropped 16 percent from a Feb. 1 high through yesterday after mainland economic growth slowed for two quarters. The measure traded at 1.23 times book value, compared with a five-year average of 1.77.
Posted on: Wed, 04 Sep 2013 02:31:45 +0000
Trending Topics
Recently Viewed Topics
© 2015