2013.05.1602:18:26UTC+00Hong Kong stocks retreat on bank, oil shares; HSBC advance

Hong Kong stocks slump early Thursday action as concerns about Chinese economic growth weighed on oil producers and mainland banks, although gains for heavyweight HSBC Holdings PLC and internet major Tencent Holdings Ltd. provided some support. The Hang Seng Index declined 0.3% to 22,975.71 after opening higher, while the Hang Seng China Enterprises Index gave up 1.1% to 10,958.31. China Construction Bank Corp. submerged 1.1% among financials, while shares of Cnooc Ltd. traded 2.4% higher and PetroChina Co. retreated 1.8%, also weighed by recent drops in oil prices. On the upside, HSBC advance 0.7% a day after it unveiled a cost-savings program. Tencent leaped 4.1% after displaying strong quarterly results. China's Shanghai Composite traded 0.5% lesser to 2,213.81.