MW: Hong Kong slides further on oil, banking shares
By V. Phani Kumar
HONG KONG (MarketWatch) -- Hong Kong shares extending their drop Thursday after losing ground in the previous three sessions, as energy producers slid further on a fall in crude-oil prices overnight, while worries about Chinese policy tightening kept property developers pressured. The Hang Seng Index (HK:HANGSENG 22,995, -169.09, -0.73%) shed 0.9% to 22,952.29, and the Hang Seng China Enterprises Index gave up 1.2% to 12,130.70. Shares of Cnooc Ltd. (HK:883 16.44, +0.02, +0.12%) (CEO 210.64, -8.86, -4.04%) lost 1.6%, and PetroChina Co. (PTR 135.66, -5.20, -3.69%) (HK:857 10.32, -0.22, -2.09%) fell 1.3% after crude-oil prices fell in New York on data showing an increase in U.S. oil inventories for gasoline and other products. Chinese property and banking shares also fell, with China Resources Land Ltd. (HK:1109 13.02, -0.34, -2.54%) (CRBJY 0.00, 0.00, 0.00%) sliding 2.3%, and China Construction Bank Corp. (CICHY 17.26, -0.29, -1.65%) (HK:939 6.62, -0.09, -1.34%) dropping 1.5%. The Shanghai Composite Index (CN:SHCOMP 2,787, +13.20, +0.48%) , meanwhile, slipped 0.1% to 2,771.37.
