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Friday, December 9, 2016, 16:30

HK stocks retreat

By Reuters

Hong Kong stocks snapped a three-day winning streak on Friday, with casino shares leading broad market losses following reports that Beijing would put additional limits on ATM cash withdrawals in the gambling haven of Macao.

The benchmark Hang Seng index fell 0.4 percent, to 22,760.98 points, while the Hong Kong China Enterprises Index lost 0.3 percent, to 9,867.95 points.

For the week, Hang Seng index still rose 0.9 percent on Wall Street strength.

Casino operators including Sands China Ltd, Wynn Macau and MGM China tumbled after a report that Macao was preparing to halve the amount of cash China UnionPay card holders can withdraw from ATM machines.

The services sector recovered slightly after China UnionPay dismissed the cash-curb reports, but it extended losses in the afternoon session. An index tracking the sector slumped nearly 4 percent at the close.

The rest of the sectors all lost ground in across-the-board selling.

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