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Hang Seng falls 1%, other Asian stocks retreat too

Hong Kong stocks closed 1.01% lower Dec. 5, at 28,842.80, reversing slight gains recorded Dec. 4.

The Hang Seng index dropped 1.51% on Nov. 30, a few days after reports that China's securities regulator will no longer approve new mutual funds investing most of their portfolio in Hong Kong's equity market amid concerns that the index rocketed to a decade high of 30,000 too quickly.

The Hang Seng Index gained 3.3% in November after inflows into Hong Kong's stock market accumulated to 70.2 billion Chinese yuan. The index fell 0.60% Nov. 27.

Meanwhile, China's Shanghai Composite was down 0.18% to 3,303.68 and Japan's Nikkei 225 closed 0.37% lower to 22,622.38.

As of Dec. 4, US$1 was equivalent to 6.62 Chinese yuan.