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Financial stocks push Hong Kong market lower after Fed rate increase

HSBC retreats from three-year high; property developers advance

HONG KONG (Nikkei Markets) -- Hong Kong stocks slipped on Thursday, with insurance companies and banking heavyweight HSBC Holdings pacing the decline as investors digested the U.S. Federal Reserve's decision overnight to lift interest rates.

The Hang Seng Index fell 0.2% to 29,166.38, after rising 1.5% on Wednesday. HSBC slipped 0.5% from its close at a three-year high the previous day. Among insurers, AIA Group dropped 2%, while China Life Insurance gave up 1% and Ping An Insurance Group lost 0.4%.

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