ong Kong-listed Macau stocks recovered some of its earlier losses but are still in the red, because there are simply too many headwinds.
In the last quarter, Macau’s economy tumbled 26.4% from a year ago, worsening the first quarter’s 24.5% decline.
In addition, China’s manufacturing activities fell to a three-year low in August, the latest official PMI data released today shows.
Sands China (1928.HK), a unit of Las Vegas Sands (LVS), fell 0.4%, Galaxy Entertainment(27.Hong Kong) fell 1.6%, Wynn Macau (1128.HK), a unit of Wynn Resorts (WYNN), dropped 0.5%. MGM China (2282.HK), a subsidiary of MGM Resorts (MGM), fell 1.9%. Overnight,Melco Crown (MPEL) retreated 3.3%.