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29.07.201306:45:30UTC+00Hong Kong, Shanghai stocks decline amid profit fears

Mainland Chinese and Hong Kong stocks dive down on Monday trading action amid lingering economic worries, with sentiment weighed by official data released over the weekend displaying earnings at Chinese industrial firms slowed in June. The Hang Seng Index gave up 1% and the Hang Seng China Enterprises Index drifted 1.8% back. The Shanghai Composite slumped 1.4%, on track for a fourth straight day of decline. Banks and property developers led the retreat, with Bank of Communications Co., or BoCom, relinquishing 2% and China Overseas Land & Investment Ltd. skidding 2.3% in Hong Kong; in Shanghai, BoCom traded 1.6% lower and Gemdale Corp. plunged 3.2% down. Data released over the weekend by the National Bureau of Statistics showed profits at industrial companies boosted 6.3% in June from the year-earlier month, slowing sharply from a 15.5% increase in May, according to a Bloomberg report. 

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