Hong Kong equities decline due to a slow rebound in corporate results, while HSBC declines due to pressure from Ping An
Hong Kong fell on worries that business profits aren't keeping up with the region's larger economic recovery, putting pressure on policymakers to provide a stronger boost. In response to proposals to restructure its Asian business, HSBC declined.
At 3.02 pm local time, the Hang Seng Index fell 1.4% to 19,799.79, breaking through the 20,000 mark for the first time since March 28. The Shanghai Composite declined 0.8% and the Tech Index fell 1.3%.
Tencent fell 2.6% to HK$340.20 and Alibaba Group fell 2% to HK$86.20. Operator of Macau casinos Sands China saw a 2.2% decline to HK$28.80. Li Ning, a manufacturer of sportswear, fell 4.5% to HK$56.40, and Country Garden, a developer, down 3.3%
