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Hong Kong stocks pull back from decade peak on profit-taking
October 9, 2017 / 8:22 AM / 12 days ago

Hong Kong stocks pull back from decade peak on profit-taking

Oct 9 (Reuters) - Hong Kong stocks dipped on Monday after hitting near 10-year highs last week, as investors took profits in property and financial shares in the wake of a disappointing China services survey and worries on North Korea curbed risk appetites.

Reflecting renewed concerns over North Korea’s nuclear ambitions, gold prices climbed to their highest in more than a week.

The benchmark Hang Seng index fell 0.5 percent, to 28,326.59, while the China Enterprises Index lost 0.6 percent, to 11,385.38 points.

Most sectors fell, as investors took profit in property shares following last week’s nearly 4 percent jump, and pocked gains in financials, which hit more than two-year highs on Friday.

But consumer stocks ended the session in positive territory, as investors bet they benefited from an influx of mainland tourists during the National Day holidays.

Business activity in China’s services sector grew at its slowest pace in 21 months in September as the pace of new business cooled, a private survey showed.

On mainland markets, which reopened on Monday after a week-long break, investors shrugged off the services survey, and the main indexes had gains. (Reporting by the Shanghai Newsroom; Editing by Richard Borsuk)

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