Hong Kong stocks fell by the most in a week after oil prices surged to the highest level since September 2008, raising concern more expensive energy costs will derail global economic growth.
Cathay Pacific Airways Ltd., the city’s biggest airline, declined 2.6 percent after crude prices rallied above $100 a barrel on concern turmoil in the Middle East will spread from Libya to Iran. Developers sank on concern inflation will accelerate, prompting China’s government to take more steps to curb higher prices. Sands China Ltd. tumbled 6.3 percent after its majority shareholder said it faced investigations by U.S. authorities.
Cathay Pacific Airways Ltd., the city’s biggest airline, declined 2.6 percent after crude prices rallied above $100 a barrel on concern turmoil in the Middle East will spread from Libya to Iran. Developers sank on concern inflation will accelerate, prompting China’s government to take more steps to curb higher prices. Sands China Ltd. tumbled 6.3 percent after its majority shareholder said it faced investigations by U.S. authorities.
