Hong Kong stocks fail to hold onto previous gains

Hong Kong stocks pulled back on Thursday after a rebound a day earlier, as new reports said the previously tipped $81 billion stimulus from China's central bank is still pending approval as banks prepare the relevant materials.

The Hang Seng Index HSI, -0.72% fell 1%, giving up all the gains made in Wednesday trade when the index recovered from an eight-day losing streak. Mainland Chinese banks lost ground, as both Bank of China Ltd. 3988, -0.27% BACHY, -0.66% 601988, +0.37% and China Construction Bank Corp. 0939, -1.20% CICHF, -3.66% 601939, +0.24% declined 1.6% each, Industrial & Commercial Bank of China Ltd. 1398, -0.58% IDCBF, +0.13% 601398, +0.28% dropped 1.2%, Agricultural Bank of China Ltd. 1288, -0.56% ACGBF, +0.00% 601288, +0.40% fell 0.8%, and Bank of Communications Co. 3328, +0.00% BKFCF, +12.50% 601328, +3.48% moved 0.5% lower.

Oil stocks felt the pressure from falling international crude prices, with top Chinese oil producer PetroChina Co. 0857, -1.49% 601857, -0.12% PTR, +1.42% down 2.2%, offshore oil producer Cnooc Ltd. 0883, -1.24% CEO, -0.21% losing 1.9%, and refiner China Petroleum & Chemical Corp., or Sinopec, 0386, -1.39% SNP, -1.00% lower by 1.3%. Over on the Chinese mainland, the Shanghai Composite Index SHCOMP, +0.40% inched down 0.1%.

Source: marketwatch.com