China H Shares Decline From One-Month High as Brokerages Retreat
ByChinese stocks in Hong Kong declined from their highest level in a month as brokerages retreated amid speculation recent gains were excessive relative to earnings prospects.
The Hang Seng China Enterprises Index slid 0.2 percent, halting a six-day winning streak that was the longest in a year. Citic Securities Co. and Haitong Securities Co. led declines for brokerages after they surged more than 9 percent in the past week. Wharf Holdings Ltd. paced a rally for Hong Kong property companies as weak U.S. payrolls data pummeled bets on the Federal Reserve raising borrowing costs in the next two months.
Brokerages in Hong Kong rallied three times faster than the benchmark index during the recent rebound amid optimism an announcement on the start date of an exchange link with Shenzhen is imminent. Mainland markets will be closed on Thursday and Friday, while data on foreign reserves, trade, industrial production and retail sales are scheduled to be released Tuesday through Thursday…
China H Shares Decline From One-Month High as Brokerages Retreat
