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HSBC leads slide in Hong Kong stocks, casino shares weak

Tue, 24th Feb 2015 04:50

* HSI -0.6 pct, H-shares -0.3 pct

* HSBC's Hong Kong shares fall 4 pct, at lowest since Sept2012

* Casino stocks under pressure on profit-taking

* Hutchison, Cheung Kong, SHKP to report earnings this week

HONG KONG, Feb 24 (Reuters) - Hong Kong stocks fell onTuesday, with HSBC Plc leading the slide after disappointedearnings, and casino stocks were under pressure as investorslocked in gains while awaiting earnings reports from blue chipslater this week.

The Hang Seng index, which has risen the past sixsessions, slid 0.6 percent to 24,694.03 points by the lunchbreak. The China Enterprises Index of the top Chineselistings in Hong Kong was down 0.3 percent to 12,005.07 points.

Mainland China markets, which have been closed since Feb. 18for the Lunar New Year holiday, reopen on Wednesday. Hong Kongreopened on Monday.

"Investors are cautiously bullish on the mainland marketsand are anticipating a strong start as they reopen," said AlexWong, a director at Ample Finance Group.

Hong Kong-listed shares of HSBC dropped 4percent after the UK emerging markets-focused bank reported adeeper-than-expected 17 percent slide in annual pretax profitand cut its earnings target.

HSBC stocks fell to as low as HK$69.15, their weakest sinceSeptember 2012, before recovering slightly to be down 3.3percent for the day at HK$69.60. Shares of its Hong Kongsubsidiary Hang Seng Bank were down 1.6 percent.

Conglomerate Hutchison Whampoa and property groupCheung Kong will report yearly earnings on Thursday.Sun Hung Kai Properties and New World Development are due to announce results on Friday.

Shares of casino operator remained weak as investors lockedin gains. Galaxy Entertainment was down 2.5 percentand Sands China lost 2.4 percent. (Editing by Richard Borsuk)

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