Hong Kong Stocks Fall as Casinos Slump After Crown Detentions
- Sands China and Galaxy lead decliners on Hang Seng Index
- Foreign currency shares tumble in sudden afternoon selloff
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Hong Kong stocks extended last week’s slump as casino operators declined after Chinese authorities detained employees from billionaire James Packer’s Crown Resorts Ltd., while property developers paced losses by financial shares.
The Hang Seng Index fell 0.8 percent at the close, after dropping 2.6 percent last week. Sands China Ltd. and Galaxy Entertainment Group Ltd. retreated as the detentions, which include the head of Crown’s VIP International team, highlight the industry’s vulnerability to Chinese crackdowns. A gauge of real estate companies closed at its lowest since Aug. 4. A measure of U.S. dollar-denominated shares traded in Shanghai tumbled the most in nine months.