HK Stocks Fall as China Mobile, Alibaba Slide

Hong Kong stocks fell from the previous session’s 3-1/2-month closing high on Monday, led by heavyweight China Mobile, as Beijing’s new rules to allow more funds into Hong Kong were not expected to have a big immediate impact. Analysts expect the market to fall to profit-taking over the next few weeks after the benchmark rebounded more than 20 percent over the past few weeks. “The profit-taking pressure is increasing and any bad news could trigger it,” To said. “We expect a correction period of at least two to three weeks.” China’s stock market watchdog said on Sunday it had eased rules governing fund management firms to allow more companies to set up operations in Hong Kong. “It will improve market sentiment, but the market has already rebounded a lot so new funds may wait for a good entry point,” To said.

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