March 3, 2014 / 8:06 AM / 4 years ago

Hong Kong shares have biggest loss in a month, Sun Art soars

HONG KONG, March 3 (Reuters) - Hong Kong shares suffered their biggest one-day loss in a month on Monday, with riskier sectors taking the brunt of the selloff as oil prices jumped on escalating tensions after Russia bloodlessly seized a part of Ukraine.

The Hang Seng Index finished down 1.5 percent at 22,500.7 points in its biggest one-day loss since Feb. 4. The China Enterprises Index of the leading offshore Chinese listings in Hong Kong sank 1.4 percent.

Losses on the day also came as separate surveys showed China’s services sector regaining some momentum while its factories continued to struggle in February, potentially complicating economic reform efforts.

The National People’s Congress starts on Wednesday in Beijing. During the meeting, China’s national economic growth target for the year and other economic priorities are expected to be announced.

Sun Art Retail shares, which closed on Friday at its lowest since late July 2012, soared 7.1 percent after the China-focused hypermart operator posted a 15.2 percent rise in 2013 net profit, in line with market consensus.

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