Hong Kong stocks fell for a fourth day, the longest losing streak in almost three months, after Chinese Premier Wen Jiabao said the cabinet is drafting measures to curb price gains, heightening concern the nation will step up measures to cool inflation.
Aluminum Corp. of China Ltd., the nation’s biggest maker of the lightweight metal, dropped 2.5 percent. China Resources Land Ltd., a state-controlled developer, slid 1.3 percent. Skyworth Digital Holdings Ltd. slumped 8.7 percent after the Chinese manufacturer of televisions said it expects a “significant” decrease in first-half net income.
The Hang Seng Index declined 0.9 percent to 23,471.65 as of 10:23 a.m. local time, extending its losses in the past four days to 4.9 percent. That was the longest losing streak since the six days ended Aug. 27.
The Hang Seng China Enterprises Index of so-called H shares of Chinese companies lost 1.2 percent to 13,030.39.
Wen’s comments at a Guangzhou, Guangdong, supermarket were broadcast last night on state television. He didn’t elaborate, beyond urging local governments to ensure market supply and order.
China may raise interest rates for a second time this year as soon as Nov. 19, the China Securities Journal reported, citing an unidentified analyst. Earlier announcements also indicate that rate decisions are often released on Fridays or around the 20th of the month, the newspaper said.
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