Hong Kong markets seem to have lost their steam after China published disappointing trade data for March, sending the Hang Seng Index off its early gains. The index — which had gained 0.4% in the opening minutes — is now down 0.3%.
Mainland Chinese banks and other financial stocks retreated, with Agricultural Bank of China leading the sector’s retreat with a 2.9% drop. Similarly, China Merchants Bank has declined 2.6%, China Minsheng Banking Corp. is down 2.2%, Bank of Communications has pulled back 1.7%, and both ICBC and China Construction Bank are moving 1.6% lower.
Among the brokers and other financial-service providers, Guotai junan International is down 2.5%, China Galaxy Securities is off 1.6%, and China Everbright is weaker by 1.3%.
Likewise, several leading property developers are also suffering heavy losses, as China Resources Land slides 4.3%, Country Garden Holdings falls 4%, China Overseas Land & Investment skids 2.6%, and Poly Property Group gives up 2.3%.
But tech stocks appear to be keeping up their recent momentum, with Tencent Holdings advancing 1.9%, and online firm China Binary Sale Technology is rising 1.1%.
Over on the mainland exchanges, the Shanghai Composite Index is edging lower by 0.2%, dragged by property stocks.
Source: MarketWatch
