Hang Seng Slips Below Record Territory

After being closed for five days while China took over the colony, Hong Kong’s stock market opened higher today before slipping back to below-record territory. Investors sent the benchmark Hang Seng index to an all-time of 15,196.79 on Friday, ending more than a century of trading under British rule with a flourish and signaling confidence in Hong Kong’s financial future. In the first day of trading under Chinese sovereignty, the index opened up 149.20 points at 15,345.99 but dropped quickly as investors took profits by selling after the gains. It was down more than 138 points in early-morning trading. Leading the slide were property stocks, in response to Hong Kong’s new leader saying he would increase the supply of new housing to help cool real estate prices.