Hong Kong stocks fall; banks give back some gains
LOS ANGELES (MarketWatch) -- Hong Kong stocks moved lower Monday morning, with the Hang Seng Index moving back below the 20,000 level, as banks fell in the wake of a strong advance for the sector Friday. In the early minutes, the Hang Seng Index lost 0.7% to 19,977.21, with the Hang Seng China Enterprises Index dropping 0.8%, while over on the mainland, the Shanghai Composite surrendered 0.9%. Index heavyweight HSBC Holdings PLC retreated by 0.9%, while among mainland Chinese banks, Industrial & Commercial Bank of China Ltd. gave up 1.3%, Agricultural Bank of China Ltd. fell 1%, and Bank of Communications Co. lost 1.1%. Among other movers, Tencent Holdings Ltd. fell 1.5%, also paring its advance Friday, when it rallied almost 8% on the back of strong quarterly results.
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