Chinese shares fell, led by financial and consumer companies, as mainland markets reopened following a weeklong holiday. Casino stocks plunged in Hong Kong on speculation revenue will decline more than expected this month.
China Life Insurance Co. slid 3.8 percent and Poly Real Estate Group Co. lost 3.6 percent. Galaxy Entertainment Group Co. and Sands China Ltd. sank at least 7 percent after analysts predicted gambling revenue would drop more than 50 percent this month from a year earlier. PetroChina Co. rose 2.6 percent in Shanghai after the Wall Street Journal reported last week China may merge its state-owned oil companies. A Chinese manufacturing gauge rebounded in February, data showed today.
The Shanghai Composite Index fell 0.6 percent to 3,229.84 at 10:14 a.m., erasing its gain for the year. China will hold its National People’s Congress in the first two weeks of March, when the government sets its growth target for the year.
Bloomberg
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