Stocks drop on property curbs

Hong Kong stocks dropped as the government tightened rules on property sales and on reports that China's manufacturing growth has slowed, overshadowing optimism fueled by US manufacturing expansion.

The Hang Seng Index slipped 0.2 percent to 20,763.05 at the close. Twenty-eight stocks fell on the 43-company gauge, while 14 rose. The Hang Seng China Enterprises Index, which tracks the so-called H-shares of Hong Kong-listed mainland companies, slid 0.7 percent to 11,864.22.

Sun Hung Kai Properties Ltd, the world's biggest developer by market value, dropped 1.9 percent. China Zhongwang Holdings Ltd, a maker of extruded aluminum products, slid 4.5 percent.

Macao gambling revenue up 70% year-on-year

Gambling revenue in Macao in April surged 70 percent from a year earlier to a record, Royal Bank of Scotland said, underscoring sustained growth in the world's largest and fastest-growing gambling market. Revenue reached 14.1 billion patacas ($1.76 billion), RBS said in a broker report Tuesday, citing Portuguese news agency Lusa. The figure surpassed the previous record set in January of 14 billion patacas. Macao's gambling revenue data is leaked to Lusa before it is published by Macao's Gaming Inspection and Coordination Bureau, the enclave's gambling regulator. The regulator was not immediately available for comment.

Agencies - China Daily

(HK Edition 05/05/2010 page2)