Hong
Kong stocks fell in their worst start to a lunar new year since 1994 as
a global equity rout deepened amid concern over the strength of the
world economy.
The
Hang Seng Index slumped 3.9 percent at the close in Hong Kong as
markets reopened following a three-day trading closure, during which the
MSCI All-Country World Index dropped 2.1 percent. The last time the
gauge fell so much on the first day of the lunar new year, investors
were worried about the health of former Chinese leader Deng Xiaoping.
Lenovo Group Ltd. led declines while energy companies dropped after
crude slumped 11 percent during the holidays. Jeweler Chow Sang Sang
Holdings International Ltd. slid after riots in the Mong Kok district.
Hong
Kong’s benchmark equity gauge tumbled 12 percent this year through
Friday amid concern that capital outflows, a slumping property market
and China’s economic slowdown will hurt earnings. Tuesday’s violence in
the shopping district of Mong Kok threatens to deter mainland visitors
and worsen a drop in retail sales, according to UOB Kay Hian (Hong Kong)
Ltd.
Source: Bloomberg
Hong
Kong stocks fell in their worst start to a lunar new year since 1994 as
a global equity rout deepened amid concern over the strength of the
world economy.
The
Hang Seng Index slumped 3.9 percent at the close in Hong Kong as
markets reopened following a three-day trading closure, during which the
MSCI All-Country World Index dropped 2.1 percent. The last time the
gauge fell so much on the first day of the lunar new year, investors
were worried about the health of former Chinese leader Deng Xiaoping.
Lenovo Group Ltd. led declines while energy companies dropped after
crude slumped 11 percent during the holidays. Jeweler Chow Sang Sang
Holdings International Ltd. slid after riots in the Mong Kok district.
Hong
Kong’s benchmark equity gauge tumbled 12 percent this year through
Friday amid concern that capital outflows, a slumping property market
and China’s economic slowdown will hurt earnings. Tuesday’s violence in
the shopping district of Mong Kok threatens to deter mainland visitors
and worsen a drop in retail sales, according to UOB Kay Hian (Hong Kong)
Ltd.
Source: Bloomberg
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