February 5, 2014 / 8:10 AM / in 3 years

Hong Kong shares fall, Macau casinos sink on weak revenue gains

2 Min Read

Feb 5 (Reuters) - Hong Kong shares finished at seven-month lows on Wednesday, pressured by a reversal of early gains for the Macau casino sector after monthly revenue data disappointed investors.

The Hang Seng Index ended down 0.6 percent at 21,269.4 points, its lowest closing since July 10. The China Enterprises Index of the top Chinese listings in Hong Kong shed 0.4 percent.

The Hang Seng benchmark and the H-share index have now tumbled 11.5 and 18 percent, respectively, from Dec. 2 closes. Their relative strength indexes (RSI) are now languishing at the lowest since the June-July period, suggesting both are at their most technically oversold levels since then.

Wednesday's losses came in relatively lackluster turnover, with much focused on Macau casino stocks. They shed gains after data released in early afternoon trade showed gambling revenue in Macau grew 7 percent in January from a year earlier, compared to expectations for 11-15 percent.

Galaxy Entertainment posted its biggest single-day loss since June 21, ending down 7.3 percent after rising by as much as 2.8 percent in the morning. Sands China slumped 7.5 percent and SJM Holdings dived 5.9 percent.

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