Hong Kong shares drop on developers, Tencent
Hong Kong shares fell the most in almost two weeks Wednesday, with weak global cues and worries over a selloff in local penny stocks encouraging investors to lock in profits in one of Asia’s best-performing markets this year.
The Hang Seng Index closed 0.6% lower at 25,683.50. A gauge of property developers slid to a one-month low amid some doubts soaring prices in the city can be sustained. Hang Lung Properties and Sun Hung Kai Properties shed at least 1.5%, while New World Development gave up 1.1%. Heavyweight Tencent Holdings lost 1.8% after U.S. technology stocks slumped overnight.