Hong Kong stocks fell for a fourth day in a row, the longest losing streak in a month, as investors weighed the prospect of a rate cut by the Federal Reserve later this month following a weak US jobs report.
The Hang Seng Index was down 0.1 per cent to 17,444.30 at the close, erasing an earlier gain of as much as 0.6 per cent. For the week, the benchmark is down 3 per cent. The Hang Seng Tech Index added 0.1 per cent Thursday and the Shanghai Composite Index was up by the same amount.
Oil producers were the primary drag on the market as fuel prices hovered around their lowest levels this year. China Petroleum and Chemical Corp, also known as Sinopec, tumbled 6.1 per cent to HK$4.65, while PetroChina slid 2.9 per cent to HK$6.32.
On the positive side, Hong Kong property developers gained on optimism that lower borrowing costs will encourage more home purchases, as the city’s interest rate is linked with the US’s using a…
