Bloomberg, (24/9) -- Hong Kong stocks
fell a second day, with the equity benchmark heading for a one-week low,
as materials producers extended declines on commodity prices.
The Hang Seng Index lost 0.3 percent to
23,309.74 as of 9:30 a.m. in Hong Kong, with about two shares falling
for each that gained on the 50-member gauge. The Hang Seng China
Enterprises Index, also known as the H-share index, declined 0.2 percent
to 10,690.29.
The Hang Seng Index gauge climbed 7.6
percent this year through yesterday amid signs of mainland economic
recovery and after the Federal Reserve unexpectedly refrained from
cutting stimulus. The equity benchmark traded at 11.2 times estimated
earnings yesterday, compared with 15.4 for the Standard & Poor’s
500. The H-share index entered a bull market this month after rebounding
more than 20 percent from a June low.
Futures on the S&P 500 fell 0.1
percent. The gauge fell 0.5 percent yesterday as financial shares
slumped and investors watched speeches from central bank officials for
clues on monetary policy. New York Fed President William C. Dudley and
the Atlanta Fed’s Dennis Lockhart said yesterday stimulus is still
needed, while Dallas Fed President Richard Fisher said not tapering $85
billion a month in bond purchases harmed the central bank’s credibility.
The Fed is expected to wait until
December before taking the first steps in slowing stimulus, after
Chairman Ben S. Bernanke maintained the pace of asset purchases last
week, according to 24 of 41 economists surveyed Sept. 18-19 by Bloomberg
News.
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Written by: Kontak Perkasa Futures
PT.Kontak Perkasa Futures, Updated at: 9:22 AM
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