Hong Kong's Stocks Decline on Credit Loss Concern, Higher Oil

Hong Kong stocks fell for the first time in four days on concern credit-related losses will erode earnings and slow global economic growth.

Bank of China Ltd., which reported $203 million in first- quarter losses from subprime mortgage-backed securities, declined the most in three months.

In the U.S., the S&P 500 Regional Banks Index had its biggest drop ever after Fifth Third Bancorp slashed its dividend and said most of its second-quarter profit will evaporate.

China Petroleum & Chemical Corp., the country's biggest refiner, dropped the most in more than a week after crude oil prices advanced.

The Hang Seng Index lost 375.53, or 1.6 percent, to 22,950.27 at 10:24 a.m. local time, halting a three-day, 3.3 percent advance.

The Hang Seng China Enterprises Index, which tracks so- called H shares of mainland Chinese companies, fell 2.1 percent to 12,559.53.