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Sept. 10, 2014, 10:37 p.m. EDT · CORRECTED

Hong Kong stocks fall on U.S. losses, China growth concerns

Nikkei Average bucks weaker regional trend and closes higher

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By Laura He, MarketWatch

A previous version of this report misstated the timing of the iPhone 6 debut in mainland China. The report has been corrected.


Reuters
Customers at a supermarket in Hebei province, China.

HONG KONG (MarketWatch) — Hong Kong stocks tumbled on Wednesday amid declines on Wall Street overnight and worries about Chinese economy triggered by Premier Li’s comments.

The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +2.18%  ended 1.9% lower, as trading resumed after the Mid-Autumn Festival holiday.

Chinese Premier Li Keqiang said Tuesday that China’s M2, a broad measure of money supply, expanded 12.8% in August, the slowest pace in five months, as he stressed Beijing’s commitment to shift away from printing money to stimulate growth. He disclosed the figure while speaking at the World Economic Forum in the northern Chinese city of Tianjin, ahead of the official data release scheduled next week.

Mainland banks suffered significant losses across the board, with China Merchants Bank Co. /zigman2/quotes/209899244/delayed HK:3968 +6.60%  falling 2.8%, ICBC /zigman2/quotes/201401473/delayed HK:1398 +5.81%  and China Construction Bank Corp. /zigman2/quotes/208974133/delayed HK:939 +5.45%  declining 2.4%, China Citic Bank Corporation Ltd. /zigman2/quotes/205809997/delayed HK:998 +2.72%  losing 2.2%, Agricultural Bank of China Ltd. /zigman2/quotes/200705246/delayed HK:1288 +6.12%  down 2.2%, and Bank of China Ltd. /zigman2/quotes/204682472/delayed HK:3988 +3.72%  off 2.1%.

Online giant Tencent Holdings Ltd. /zigman2/quotes/204605823/delayed HK:700 +2.22% , a top rival of e-commerce giant Alibaba Group, skidded 3.3%, after Alibaba unveiled a seemingly conservative price range for its upcoming U.S. IPO and kicked off meetings with prospective investors in New York on Monday.

Another index heavyweight China Mobile Ltd. /zigman2/quotes/200868736/delayed HK:941 +2.82% , the country’s largest wireless carrier, dropped 2.6%, after Apple Inc. /zigman2/quotes/202934861/composite AAPL -2.09%  revealed that mainland China is not among the first batch of countries to sell iPhone 6. Other Chinese mobile operators suffered even more, as China Telecom Corp. Ltd. /zigman2/quotes/206668971/delayed HK:728 +5.04%  gave up 3.5%, and China Unicom (Hong Kong) Ltd. /zigman2/quotes/205091392/delayed HK:762 +3.56%  pulled back 3.3%.

In other Asian markets, Japanese stocks bucked the weaker regional trend and closed higher, as the Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK +0.51%  rose 0.3%, with the yen /zigman2/quotes/210561789/realtime/sampled USDJPY +0.1800%  weakening against the dollar. The dollar bought ¥106.751 yen, up from ¥106.171 the previous day. The broader Topix index /zigman2/quotes/210598092/delayed JP:180460 +0.51%  advanced 0.6%.

Elsewhere, Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO +0.82%  ended down 0.6%, and the Australian dollar /zigman2/quotes/210560947/realtime/sampled AUDUSD -0.0384%  fell to 91.28 U.S. cents from 92.11 cents a day earlier.

On the Chinese mainland, the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +1.58%  finished 0.4% lower.

Markets in South Korea were closed Wednesday for a public holiday.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
29,730.04
+634.18 +2.18%
Volume: 2.05M
March 3, 2021 2:21p
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/zigman2/quotes/209899244/delayed
HK : Hong Kong
HK$ 62.20
+3.85 +6.60%
Volume: 18.93M
March 3, 2021 2:21p
P/E Ratio
15.32
Dividend Yield
2.11%
Market Cap
HK$1521.64 billion
Rev. per Employee
HK$5.29M
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 5.28
+0.29 +5.81%
Volume: 307.42M
March 3, 2021 2:21p
P/E Ratio
5.86
Dividend Yield
5.44%
Market Cap
HK$2165.67 billion
Rev. per Employee
HK$3.26M
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 6.39
+0.33 +5.45%
Volume: 359.65M
March 3, 2021 2:21p
P/E Ratio
5.82
Dividend Yield
5.47%
Market Cap
HK$1559.88 billion
Rev. per Employee
HK$3.58M
loading...
/zigman2/quotes/205809997/delayed
HK : Hong Kong
HK$ 3.77
+0.10 +2.72%
Volume: 27.05M
March 3, 2021 2:20p
P/E Ratio
4.20
Dividend Yield
6.93%
Market Cap
HK$267.17 billion
Rev. per Employee
HK$6.62M
loading...
/zigman2/quotes/200705246/delayed
HK : Hong Kong
HK$ 2.95
+0.17 +6.12%
Volume: 153.38M
March 3, 2021 2:20p
P/E Ratio
4.73
Dividend Yield
6.75%
Market Cap
HK$1331.52 billion
Rev. per Employee
HK$2.48M
loading...
/zigman2/quotes/204682472/delayed
HK : Hong Kong
HK$ 2.79
+0.10 +3.72%
Volume: 425.60M
March 3, 2021 2:20p
P/E Ratio
4.27
Dividend Yield
7.50%
Market Cap
HK$1045.42 billion
Rev. per Employee
N/A
loading...
/zigman2/quotes/204605823/delayed
HK : Hong Kong
HK$ 713.50
+15.50 +2.22%
Volume: 9.91M
March 3, 2021 2:21p
P/E Ratio
50.83
Dividend Yield
0.17%
Market Cap
HK$6630.61 billion
Rev. per Employee
HK$6.80M
loading...
/zigman2/quotes/200868736/delayed
HK : Hong Kong
HK$ 56.55
+1.55 +2.82%
Volume: 39.45M
March 3, 2021 2:21p
P/E Ratio
9.88
Dividend Yield
5.75%
Market Cap
HK$1153.79 billion
Rev. per Employee
HK$1.85M
loading...
/zigman2/quotes/202934861/composite
US : U.S.: Nasdaq
$ 125.12
-2.67 -2.09%
Volume: 102.26M
March 2, 2021 4:00p
P/E Ratio
33.82
Dividend Yield
0.66%
Market Cap
$2145.35 billion
Rev. per Employee
$1.86M
loading...
/zigman2/quotes/206668971/delayed
HK : Hong Kong
HK$ 2.71
+0.13 +5.04%
Volume: 174.37M
March 3, 2021 2:21p
P/E Ratio
9.64
Dividend Yield
4.61%
Market Cap
HK$213.66 billion
Rev. per Employee
HK$1.57M
loading...
/zigman2/quotes/205091392/delayed
HK : Hong Kong
HK$ 5.23
+0.18 +3.56%
Volume: 123.24M
March 3, 2021 2:21p
P/E Ratio
12.02
Dividend Yield
3.09%
Market Cap
HK$157.58 billion
Rev. per Employee
HK$1.28M
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
29,559.10
+150.93 +0.51%
Volume: 0.00
March 3, 2021 3:15p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
106.8780
+0.1920 +0.1800%
Volume: 0.0000
March 3, 2021 1:35a
loading...
/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,904.54
+9.69 +0.51%
Volume: 0.00
March 3, 2021 3:00p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
6,818.00
+55.70 +0.82%
Volume: 591,216
March 3, 2021 5:10p
loading...
/zigman2/quotes/210560947/realtime/sampled
US : Tullett Prebon
0.7817
-0.0003 -0.0384%
Volume: 0.0000
March 3, 2021 1:35a
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,564.06
+55.47 +1.58%
Volume: 29.22B
March 3, 2021 2:20p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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