Hong Kong stocks declined, with the benchmark index paring this week��s gain, after U.S. shares slid amid disappointing data and violence in Iraq. Investors are waiting on China factory output and retail sales data due today.
The Hang Seng Index slid 0.1 percent to 23,163.33 as of 9:38 a.m. in Hong Kong, poised for a 0.9 percent gain this week. The Hang Seng China Enterprises Index, also known as the H-share index, added 0.1 percent to 10,438.08.
China��s factory-output growth last month accelerated to 8.8 percent from a year earlier, from 8.7 percent in April, according to the median estimate of analysts compiled by Bloomberg before a report due today. Retail sales gained 12.1 percent from a year earlier, compared with 11.9 percent the previous month, according to estimates.
Hong Kong��s benchmark index has rebounded as much as 10 percent since falling to an eight-month low in March, as China introduced stimulus including reserve-ratio cuts to counter the slowdown. The equity gauge traded at 10.7 times estimated earnings yesterday, compared with 16.3 for the S&P 500 Index.
Source : Bloomberg