Most Hong Kong Stocks Decline on U.S. Sentiment, Energy

Most Hong Kong stocks fell, heading for a one-week low, after U.S. consumer confidence unexpectedly dropped and energy producers slid as oil fell for a fourth day.

The Hang Seng Index (HSI) slid 0.1 percent to 23,656.55 as of 9:33 a.m. in Hong Kong, with two shares falling for each that rose on the 50-member gauge. The Hang Seng China Enterprises Index (HSCEI), also known as the H-share index, lost 0.3 percent to 11,265.89.

The Hang Seng Index advanced 20 from this year’s low on June 24 through yesterday on signs of economic recovery in China. Shares on the gauge traded at 1.35 times estimated earnings yesterday, compared with 16.28 on the Standard & Poor’s 500 Index. The H-share index, which climbed 27 percent from this year’s low on June 25 through yesterday, was valued at 8.3 times estimates earnings.

Futures on the U.S. equity gauge were little changed today. The gauge rose less than 1 point yesterday after rising as much as 0.3 percent. The Conference Board’s consumer confidence index fell to 70.4 in November from a revised 72.4 in October, which was stronger than initially estimated. The median forecast in a Bloomberg survey of 78 economists called for a reading of 72.6.

West Texas Intermediate oil futures fell as much as 0.2 percent, heading for fourth day of decline, after an industry report showed supplies rose for a ninth week in the U.S. Crude has slumped after Iran agreed to limit its nuclear program in exchange for relief from sanctions, including on oil exports.

(Source: Bloomberg)