HK's Sino Land leads losses in property stocks on rate hike expectations

Sino Land

27/09/2018 03:22

** Hong Kong property stocks fall on expectations that banks
will raise interest rates after Hong Kong Monetary Authority
(HKMA) hiked base rate on Thursday, tracking U.S. Fed move 
    ** Hang Seng property sub-index  .HSNP , which tracks real
estate developers, eases 0.3 pct with Sino Land Co Ltd  0083.HK 
leading the slide, falling as much as 1.9 pct, while New World
Development  0017.HK  slipped up to 0.7 pct 
    ** The Hong Kong Monetary Authority raised its base rate by
25 basis points on Thursday to 2.50 percent, tracking a widely
expected move by the U.S. Federal Reserve overnight, fuelling
expectations of a rise in Hong Kong banks lending rates
 urn:newsml:reuters.com:*:nL4N1WC2WH
    ** Major Hong Kong banks are expected to raise their prime
lending rate later on Thursday, the first hike in 12 years,
increasing the cost of mortgage repayments for many homeowners
    ** Financial sub-index  .HSNF  rises as much as 0.4 pct,
with Hang Seng Bank  0011.HK  climbing up to 1.7 pct and HSBC
 0005.HK  up as much as 0.1 pct
    ** The Hong Kong benchmark index  .HSI  edges down 0.1 pct

 (Reuters Messaging: donny.kwok.thomsonreuters.com@reuters.net)