Hong Kong stocks fall on worries about China's deflationary pressure
The Hang Seng Index dropped 0.8 per cent to 23,943.42 at 10.13am local time on Wednesday and the Hang Seng Tech Index retreated 1.3 per cent. On the mainland, the CSI 300 Index climbed 0.2 per cent and the Shanghai Composite Index added 0.3 per cent.
Henderson Land Development slumped 8.3 per cent to HK$26 after raising HK$8 billion (US$1 billion) from the sale of convertible bonds. Other Hong Kong-based property developers also fell: Hang Lung Properties slid 4 per cent to HK$7.38 and Sun Hung Kai Properties sank 3.6 per cent to HK$89.25.
Producer prices on the mainland dropped by 3.6 per cent from a year earlier in June, marking the 33rd straight month of declines, the National Bureau of Statistics said on Wednesday.
Consumer prices unexpectedly rose by 0.1 per cent
Five companies started trading in Hong Kong. Wuhan Dazhong Dental Medical jumped 17 per cent to HK$23.30, Fortior Technology surged 8.5 per cent to HK$130.80 and Apple supplier Lens Technology added 2 per cent to HK$18.54. Beijing Geekplus Technology fell 2 per cent to HK$16.46 and Beijing Xunzhong Communication lost 0.4 per cent to HK$13.50.
Other major Asia-Pacific markets were mixed. Japan's Nikkei 225 slipped 0.1 per cent, Australia's S&P/ASX 200 lost 0.3 per cent and South Korea's Kospi rose 0.5 per cent.
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