Markets

Hong Kong Hang Seng Index Slips 0.39% On Commodities Slide; MIssing Financial Exec

The Hong Kong Hang Seng Index Monday declined 0.39%, as traders eyed still soft commodities prices, and news that Chairman and CEO Tim Fung, of the Hong Kong unit of one of China's biggest securities firms, Guotai Junan Securities, could not be reached, and had been incommunicado since Nov. 18. Temporary replacements were appointed. A same-day decline on mainland exchanges underscored mood, said analysts. Japan's securities markets were closed.

The broad gauge Hang Seng lost 88.82 to 22,995.90, as losers outnumbered gainers 37 to nine.

Leading the upside on a down day were The Bank of East Asia (23:HK), up 1.23%; followed by Bank of China Hong Kong (2388:HK), up 0.61%; and then sanitary-napkin maker Hengan International (1044:HK), off 0.44%.

On the downside were the Macau gaming houses, Galaxy Entertainment (27:HK), off 3.95%; and the Sands China (1928:HK), off 3.31%. The casinos have been troubled by anti-corruption campaigns on the mainland. Galaxy Entertainment, for example, is off 54.4% YOY.

On the mainland, the Shanghai Stock Exchange Composite Index (SHCOMP) fell 0.56% to 3,610.31, in an afternoon session slump.

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The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.

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