Hang Seng index falls as much as 1.1%

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Stocks in Hong Kong took a nosedive on Tuesday, with a sharp morning drop by the Hang Seng index persisting into the afternoon session.

Shares fell across the board, bringing the benchmark index as much as 1.1 per cent lower. Only two stocks – HSBC Holdings and AAC Technologies – were up among the index’s component stocks.

Energy stocks were worst off with a drop of 1.8 per cent, with the heavily weighted PetroChina and Cnooc down 2.1 per cent and 1.2 per cent, respectively – despite a drop of only 0.1 per cent by the price of international oil benchmark Brent crude to $55.90 a barrel.

Consumer discretionary stocks were led 1.7 per cent lower as casino outfits Galaxy Entertainment and Sands China dropped 2.4 per cent and 1.3 per cent, respectively, though there had been no major developments that might impact the Macau market as of early afternoon trading.

Least worst-off was the industrials segment, down 0.5 per cent.

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