By Laura He, MarketWatch
HONG KONG (MarketWatch) -- Hong Kong stocks closed lower on Wednesday, keying off a selloff in the U.S. markets overnight, and ending a three-session run of gains.
The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI -0.47% retreated 0.7%, marking the fifth decline in the past eight days.
Banks and tech stocks dropped, with several index heavyweights falling hard, including a 1.1% pullback for telecom giant China Mobile Ltd. /zigman2/quotes/200868736/delayed HK:941 +3.36% , and a 0.9% move lower for online major Tencent Holdings Ltd. /zigman2/quotes/204605823/delayed HK:700 -1.59% .
Among financial stocks, top underperformers included China Merchants Bank Co. /zigman2/quotes/209899244/delayed HK:3968 -1.52% , down 1.5%, and Bank of Communications Co. /zigman2/quotes/203442771/delayed HK:3328 +1.79% , off 0.9%.
Casino stocks tumbled, as MGM China Holdings Ltd. /zigman2/quotes/203735819/delayed HK:2282 0.00% slid 3.2% and Galaxy Entertainment Group Ltd. /zigman2/quotes/202884203/delayed HK:27 +0.20% lost 2.7%. Both Sands China Ltd. /zigman2/quotes/207609245/delayed HK:1928 -2.11% and Melco Crown Entertainment Ltd. dropped 2.5%, and Wynn Macau Ltd. /zigman2/quotes/200973447/delayed HK:1128 +0.90% skidded 2.1%.
Oil stocks were also weak as international crude prices fell, with state-owned energy giant PetroChina Co. /zigman2/quotes/204979431/delayed HK:857 +3.17% giving up 2%, offshore oil producer Cnooc Ltd. /zigman2/quotes/203421416/delayed HK:883 +2.42% moving down 1.3%, and China Petroleum & Chemical Corp. /zigman2/quotes/202085942/delayed HK:386 +1.15% , or Sinopec, trading 0.6% lower.
However, mainland Chinese real-estate developer Sunac China Holdings Ltd. /zigman2/quotes/206127839/delayed HK:1918 -2.02% bucked the trend and rose 0.6% as the company’s contract sales for the first nine months of this year jumped 33% from a year ago. Rival Greentown China Holdings Ltd. /zigman2/quotes/210429626/delayed HK:3900 -4.10% also added 0.4% after reporting a 28% increase in its contract sales for last month.
Over on the Chinese mainland, the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP -0.04% advanced 0.8% on its first trading day after a week-long National Day holiday.
In other Asian markets, Japan’s Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK -0.23% closed down 1.2%, with the dollar /zigman2/quotes/210561789/realtime/sampled USDJPY +0.0231% rising to ¥108.013, compared with ¥107.828 a day earlier. The broader Topix /zigman2/quotes/210598092/delayed JP:180460 +0.61% also finished 1.2% lower.
Elsewhere, Australia’s S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.74% declined 0.8%, and South Korea’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 -0.57% settled 0.4% lower.