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Hong Kong stocks fall as pro-democracy protests continue Hong Kong stocks rebound after early falls
(about 7 hours later)
Hong Kong's stock market fell after it resumed trading following a two-day public holiday as pro-democracy protesters remained on the streets. After falling in early trade, Hong Kong's stock market recovered to close higher in its first trading session following a two-day public holiday.
The benchmark Hang Seng Index lost 1.2% to hit its lowest level since May. As trading resumed, the Hang Seng lost 1.2% to hit its lowest level since May.
Thousands of demonstrators have occupied the city's main commercial areas for a week demanding the city's chief executive step down. But the index later recovered, helped by rising shares in property firms, closing up 0.6% at 23,064.56.
Thousands of demonstrators have occupied Hong Kong's main commercial areas for a week demanding the city's chief executive step down.
The unrest has hurt business and one bank estimates there could be retail losses of $2.2bn Hong Kong dollars.The unrest has hurt business and one bank estimates there could be retail losses of $2.2bn Hong Kong dollars.
Hong Kong has also temporarily closed its central government offices after pro-democracy leaders threatened to occupy them if their demands weren't met. Hong Kong has also temporarily closed its central government offices after pro-democracy leaders threatened to occupy them if their demands were not met.
China's tourism board has also suspended approvals of new visas for mainland tour groups to Hong Kong because of the protests.China's tourism board has also suspended approvals of new visas for mainland tour groups to Hong Kong because of the protests.
"The cap on the inbound tourists adds to the woes of retailers, who have been forced to close some of their doors in key commercial areas," Ryan Huang from IG Markets said."The cap on the inbound tourists adds to the woes of retailers, who have been forced to close some of their doors in key commercial areas," Ryan Huang from IG Markets said.
"Some stocks likely to come under pressure are luxury retailer Prada, and jewellery chains Chow Tai Fook and Chow Sang Sang. Shares of casino resorts Galaxy Entertainment and Sands China are also expected to continue their slide." However, news of measures to help home buyers in China - including reductions to mortgage rates and deposits - boosted shares in property firms, which helped to push the Hang Seng higher.
China PMI China Resources Land rose 5% and China Overseas Land & Investment climbed 6.1%.
Elsewhere in the region, Japan stocks continued their losing streak despite positive economic data showing its services sector expanded last month. China also released its purchasing managers' index for non-manufacturing companies, seen as a gauge of consumer spending on the mainland.
The Nikkei 225 dropped 0.2% to 15,632.29 points by midday, while the broader Topix index fell 0.12% to 1,278.61 points. The reading for China's services sector slowed for a fourth straight month to 54 in September. A reading above 50 indicates expansion.
Over in Taiwan, stocks rose 0.7%, led by smartphone-maker HTC. China's markets are closed for a week-long national holiday and will reopen from 8 October.
Shares of HTC rose more than 3% on expectations the firm will report that it returned to profit in the third-quarter. HTC profits
China also released its purchasing managers' index for non-manufacturing companies, which is a gauge of consumer spending on the mainland. Elsewhere in Asia, Japanese stocks also enjoyed a late rally to reverse early losses.
The reading for China's services sector slowed for a fourth straight month to 54 in September. A reading above 50 shows expansion. The Nikkei 225 closed up 46.66 points, or 0.3%, at 15,708.65, while the broader Topix index rose 2.39 points to 1,282.54.
China markets are closed for a week-long national holiday and will reopen from 8 October. Over in Taiwan, the TAIEX index closed up 1.5%, led by smartphone-maker HTC.
Shares of HTC rose 2.3% ahead of its third quarter earnings figures. The smartphone maker reported a better-than-expected profit for the period, helped by cost cuts.
HTC reported net profit of 640m Taiwanese dollars ($21m) for the July-to-September quarter, comfortably beating analysts' estimates. A year ago it had posed a loss of T$3bn.
In the currency markets, the Malaysian ringgit was one of the region's best performers after investors bought the currency on news the government raised fuel prices for the first time in more than a year.In the currency markets, the Malaysian ringgit was one of the region's best performers after investors bought the currency on news the government raised fuel prices for the first time in more than a year.
Malaysian Prime Minister Najib Razak is looking to narrow the country's budget deficit by reducing the billions it spends on fuel subsidies.Malaysian Prime Minister Najib Razak is looking to narrow the country's budget deficit by reducing the billions it spends on fuel subsidies.