By Laura He, MarketWatch
Hang Seng sees biggest daily drop in a month
Hong Kong and Shanghai stocks both posted solid losses on
Thursday, amid investor anxiety over an "intensifying" economic
slowdown in China as the nation's premier lowered the nation's
growth target to about 7% for this year.
The Hang Seng Index declined 1.1% to 24,193.04, the biggest
daily drop in a month. The benchmark index has fallen for three
days in a row.
Over on the mainland, the Shanghai Composite Index retreated
1%.
China set 2015's gross domestic product growth target at about
7%
(http://www.marketwatch.com/story/china-lowers-growth-target-to-about-7-2015-03-04-191032533),
down from last year's level of "about 7.5%", Premier Li Keqiang
said Thursday in his government work report at the opening of the
annual parliamentary session. "The economic downward pressure is
still intensifying," he noted.
In Hong Kong, market movers included mainland auto-maker
Brilliance China Automotive Holdings Ltd. , tumbling 3.9%,
state-owned Bank of Communications Co., Ltd. , skidding 2.2%,
energy giants PetroChina Co. Ltd. and China Petroleum &
Chemical Corporation Ltd. , both shedding 1.6%, and developer China
Resources Land Ltd. , losing 1.3%.
Hong Kong retailer dropped further, with cosmetic chain operator
Bonjour Holdings Ltd. leading losses with a 5.8% slide.
Elsewhere, other Asian markets recorded mild gains.
Japan's Nikkei Average added 0.3%, and the broader Topix rose
0.4%. The yen (USDJPY) weakened versus the greenback
(http://www.marketwatch.com/story/euro-sinks-to-fresh-11-year-low-as-ecb-looms-2015-03-05)to
Yen119.81, compared with Yen119.71 late Wednesday in New York.
Meanwhile, Sydney stocks nudged higher, as the S&P/ASX 200
closed up less than 0.1%. Seoul's Kospi Composite Index ended
flat.
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