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Feb. 11, 2015, 4:14 a.m. EST

Hong Kong stocks retreat as HSBC slides

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By Laura He, MarketWatch


Shutterstock/Leungchopan

HONG KONG (MarketWatch) -- Hong Kong stocks pulled back Wednesday, as a slide in the top-weighted HSBC Holdings PLC dragged the benchmark index lower, while investors also took a cautious stance after the Chinese central bank said it would maintain a steady monetary policy.

The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.85%  ended 0.9% lower, with the Hang Seng China Enterprises /zigman2/quotes/210598031/delayed CN:160462 -1.09%   down 0.4%.

The biggest drag came as banking major HSBC /zigman2/quotes/202687335/delayed HK:5 -2.60%  , which carries a more than 12% weighting on the Hang Seng, extended its weakness from previous sessions after a report on alleged tax evasion at its Swiss unit. Shares of HSBC tumbled 2.2%, while fellow London-based lender Standard Chartered plc /zigman2/quotes/202369078/delayed HK:2888 +1.28%  slid 2.4%.

Major Chinese banks were mostly lower, after the People’s Bank of China said in its quarterly report on Tuesday that it would keep monetary policy steady and create a “neutral and moderate” financial environment for China’s economic restructuring.

China Construction Bank Corporation /zigman2/quotes/208974133/delayed HK:939 -1.18%  lost 1%, both Industrial and Commercial Bank of China Ltd. /zigman2/quotes/201401473/delayed HK:1398 -1.48%   and Bank of China Ltd. /zigman2/quotes/204682472/delayed HK:3988 -1.65%  fell 0.9%, Agricultural Bank of China Ltd. /zigman2/quotes/200705246/delayed HK:1288 -3.23%  dropped 0.8%, while China Citic Bank Corporation Ltd. /zigman2/quotes/205809997/delayed HK:998 -1.33%  rose 0.4%.

Over on the mainland, the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +0.21%  rose for a third day in a row, up 0.5%.

In other Asian markets, Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.0034%  gave up 0.5%, while South Korea’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 +0.86%  advanced 0.5%.

Japan markets were closed on Wednesday for a public holiday.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
23,275.53
-200.52 -0.85%
Volume: 1.53M
Sept. 29, 2020 4:08p
loading...
/zigman2/quotes/210598031/delayed
CN : Hong Kong Exchange
9,281.52
-101.88 -1.09%
Volume: 0.00
Sept. 29, 2020 4:08p
loading...
/zigman2/quotes/202687335/delayed
HK : Hong Kong
HK$ 30.00
-0.80 -2.60%
Volume: 55.92M
Sept. 29, 2020 4:08p
P/E Ratio
N/A
Dividend Yield
0.00%
Market Cap
HK$568.22 billion
Rev. per Employee
HK$2.88M
loading...
/zigman2/quotes/202369078/delayed
HK : Hong Kong
HK$ 35.55
+0.45 +1.28%
Volume: 1.81M
Sept. 29, 2020 4:08p
P/E Ratio
10.32
Dividend Yield
N/A
Market Cap
HK$104.39 billion
Rev. per Employee
HK$2.20M
loading...
/zigman2/quotes/208974133/delayed
HK : Hong Kong
HK$ 5.01
-0.06 -1.18%
Volume: 250.17M
Sept. 29, 2020 4:08p
P/E Ratio
4.51
Dividend Yield
6.98%
Market Cap
HK$1273.84 billion
Rev. per Employee
HK$3.31M
loading...
/zigman2/quotes/201401473/delayed
HK : Hong Kong
HK$ 3.99
-0.06 -1.48%
Volume: 221.94M
Sept. 29, 2020 4:08p
P/E Ratio
4.37
Dividend Yield
7.20%
Market Cap
HK$1844.66 billion
Rev. per Employee
HK$3.03M
loading...
/zigman2/quotes/204682472/delayed
HK : Hong Kong
HK$ 2.39
-0.04 -1.65%
Volume: 226.43M
Sept. 29, 2020 4:08p
P/E Ratio
3.64
Dividend Yield
8.76%
Market Cap
HK$964.73 billion
Rev. per Employee
HK$3.13M
loading...
/zigman2/quotes/200705246/delayed
HK : Hong Kong
HK$ 2.40
-0.08 -3.23%
Volume: 55.95M
Sept. 29, 2020 4:08p
P/E Ratio
3.80
Dividend Yield
8.30%
Market Cap
HK$1216.65 billion
Rev. per Employee
HK$2.16M
loading...
/zigman2/quotes/205809997/delayed
HK : Hong Kong
HK$ 2.97
-0.04 -1.33%
Volume: 24.50M
Sept. 29, 2020 4:08p
P/E Ratio
3.27
Dividend Yield
8.79%
Market Cap
HK$239.01 billion
Rev. per Employee
HK$6.26M
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,224.36
+6.82 +0.21%
Volume: 15.13B
Sept. 29, 2020 3:01p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,952.10
-0.20 -0.0034%
Volume: 625,981
Sept. 29, 2020 5:24p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,327.89
+19.81 +0.86%
Volume: 646,218
Sept. 29, 2020 3:32p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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