By Hanny Wan
Feb. 11 (Bloomberg) -- Hong Kong stocks fell for the first time in six days, led by financial shares, on concern a plan to revive the economy by U.S. President Barack Obama may fail to ease the recession.
HSBC Holdings Plc, Europe’s biggest bank, retreated 3.8 percent after U.S. Treasury Secretary Timothy Geithner said the recovery plan will “take time” to bear fruit. Hang Lung Properties Ltd. dropped for a second day after reporting yesterday its first decline in semi-annual profit in three years. Chairman Ronnie Chan told Bloomberg today the company plans to invest HK$13 billion ($1.68 billion) on projects in China in the next three years. Cnooc Ltd., China’s biggest offshore oil producer, slipped 2.9 percent after crude oil prices dropped yesterday to the lowest settlement since Jan. 16.
The Hang Seng Index lost 321.28, or 2.3 percent, to 13,559.36 as of 10:13 a.m. local time, halting a five-day, 8.6 percent advance.
The Hang Seng China Enterprise Index, which tracks so-called H-shares, lost 2.5 percent to 7,617.99.
To contact the reporter on this story: Hanny Wan in Hong Kong at hwan3@bloomberg.net
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