Hong Kong bank stocks fell after Goldman Sachs Group Inc. sold a stake in Industrial & Commercial Bank of China Ltd., overshadowing advances by real estate companies in the city.
ICBC lost 3.2 percent after Goldman Sachs sold its 3.04 billion shares. China Construction Bank Corp., the nation’s No. 2 lender by market value, sank 0.4 percent. China Resources Land Ltd. fell 4.4 percent, leading declines by Chinese developers, after Credit Suisse Group AG said investors should further reduce stock ownership. Their Hong Kong-based colleagues gained after Sun Hung Kai Properties Ltd. bought land in a government sale for more than analysts estimated.
“The Goldman Sachs ICBC caused panic selling on the mainland banks,” said Francis Lun, general manager at Fulbright Securities Ltd. in Hong Kong. “The general mood in the market this month was good, but the Chinese developers have no luck with the government trying to cool down property prices.”
The Hang Seng index fell 0.1 percent to 22,358.17 at the close, reducing its September to 8.9 percent gain. That is the biggest monthly advance since July 2009. About as many stocks advanced as declined on the 45-members to gauge. The Hang Seng China Enterprises Index of so-called H-shares of Chinese companies fell 0.2 percent to 12,406.10.
Futures on the Hang Seng Index was little changed at 22,325.
source:businessweek
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