20.06.201304:23:41UTC+00Hong Kong stocks plunge after fed, before China data

Hong Kong stocks back down early Thursday after the Federal Reserve indicated plans to scale back its bond purchases, with worries about the health of the Chinese economy also weighing on sentiment. The Hang Seng Index diminished 1.7% and the Hang Seng China Enterprises Index plunged 2.2%, with markets looking ahead to HSBC's preliminary result of a survey on Chinese manufacturing sector. The Shanghai Composite gave up 0.7%, declining further after ending Wednesday's session at a six-month low, amid lingering worries over a recent hike in interbank interest rates. Losses in Hong Kong were led by the property sector, with China Overseas Land & Investment Ltd. slumping 3.5% and Henderson Land Development Co. drifting 2.7%. Also weighing on the market, heavyweight China Construction Bank Corp. relinquished 2.6% ahead of the HSBC data.