HK stocks retreat amid profit-taking
Oil prices rose on Wednesday and stocks fell amid fresh concerns about Middle East supplies following a warning that Iran appeared to be stepping up attacks in the Strait of Hormuz. The retreat came as investors brushed off another record day on Wall Street overnight. In Hong Kong, the Hang Seng Index fell 0.6 percent to 24,130, snapping a two-day winning streak. The Hang Seng China Enterprises Index shed 0.6 percent while Hang Seng Tech lost 0.7 percent. Mainland markets were closed for a national holiday. Trading resumes on Thursday. In Tokyo, the Nikkei 225 lost 648 points or 0.9 percent to close at 70,035 as investors locked in gains. Shares in South Korea also fell, with the benchmark Kospi down nearly 2 percent at 6,803, its lowest since September 17. Samsung Electronics gave up 1.29 percent, erasing early gains, whereas SK Hynix lost 2.82 percent. Meanwhile, crude prices rebounded. The price for a barrel of Brent crude oil was up 0.7 percent at US$101.26. That's still below the nearly US$110 it was at a few weeks ago. US benchmark crude rose 0.3 percent to US$89.66 per barrel. (Agencies) Edited by Tony Sabine
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