Hong Kong stocks fall as investors take profits after four-day gains
Hang Seng Index drops 0.42 per cent in Friday trading as markets take in collapse of pound, pending US jobs data
Hong Kong stocks ended the week lower after a historic crash of the British pound and an overnight retreat in US equity markets ahead of the release of September jobs data in the US.
The Hang Seng Index was down 0.42 per cent or 100.68 points at 23,851.82, and the Hang Seng China Enterprises index dropped 0.23 per cent or 23.28 points to 9,923.82.
Linus Yip, chief strategist at First Shanghai Securities, said the market was seeing some profit-taking after the Hang Seng climbed 655 points in the first four trading days of October, reaching an almost one-month high on Thursday. It also comes ahead of the market close on Monday for the Chung Yeung Festival, a traditional holiday during which many people visit their ancestors’ graves to pay respects.
But “the market right now is still passive,” Yip said.
He noted Chinese property players were under pressure Friday, with China Overseas Land falling 1.18 per cent to HK$25.05 and China Residential Land slipping 1.46 per cent to HK$20.20.
Meanwhile, coal stocks continued their ascent on surging oil prices, rising 4.04 per cent overall. China
