Most Hong Kong stocks fell, with Wharf Holdings Ltd sliding the most on the city��s benchmark index. CSPC Pharmaceutical Group Ltd. sank after a major stakeholder said it would sell the shares at a discount.
The Hang Seng Index slipped 0.2 percent to 22,923.98 as of 9:32 a.m. in Hong Kong, with about twice as many shares falling as rising. The Hang Seng China Enterprises Index lost 0.2 percent to 10,105.98. A report on China��s industrial profits for April is due tomorrow.
The Hang Seng Index rose 3.7 percent this month through yesterday, the third-best performer among major developed markets tracked by Bloomberg. The Standard & Poor��s 500 Index climbed to a record at the end of last week, closing above 1,900 for the first time, on data showing new-home purchases climbed in April. U.S. markets were closed for holidays yesterday.
The Hang Seng China Enterprises Index traded at 7 times estimated earnings yesterday, the lowest among major equity gauges in Asia, data compiled by Bloomberg show. That compares with 10.7 times for the Hang Seng Index and 16.1 on the S&P 500 at the end of last week, the data show.
Copy Source: Bloomberg