Chinese stocks fell in Hong Kong, erasing a weekly gain for the benchmark index, after the city’s government scrapped talks with protesters and concern grew Europe’s slowdown will hurt global growth.
China Oilfield Services Ltd. plunged 4.1 percent after crude-oil futures entered a bear market amid speculation that demand is slowing. Citic Securities Co. and Huaneng Power International Inc. slid more than 3 percent. China First Heavy Industries dropped 3 percent in Shanghai, paring a rally since Sept. 22 to 54 percent. ZTE Corp., China’s second-biggest phone-equipment maker, lost 1.6 percent.
The Hang Seng China Enterprises Index fell 1.7 percent to 10,301.46 at the close. The gauge lost 0.5 percent this week, capping a fifth straight week of losses. So-called H shares erased a premium versus their mainland-traded shares before the start of a trading link. The Shanghai Composite Index slid 0.6 percent to 2,374.54, trimming a weekly gain.
The Shanghai index advanced 0.5 percent this holiday-shortened week. Its 14-day relative strength measure, measuring how rapidly prices have advanced or dropped during a specified time period, reached 71.1 after an eight-day rally. Readings above 70 indicate a price may be poised to fall. The Standard & Poor’s 500 Index plunged 2.1 percent yesterday, the most since April.