Concern As Mainland Shares Tumble In HK
Source: Bloomberg News |
October 1, 2011, Saturday
|
Print Edition
Print Edition
A gauge of Chinese mainland stocks traded in Hong Kong fell yesterday, capping the biggest quarterly loss since 1998, on signs growth is slowing amid government measures to curb inflation and faltering demand for exports.
The Hang Seng China Enterprises Index, which tracks so-called H shares, sank 3.9 percent to 8,917.36 at the close. China National Building Material Co tumbled 11 percent after a gauge of manufacturing contracted for a third month. The Agricultural Bank of China dropped 8.5 percent as central bank data showed savings were headed for the first quarterly decline in almost 20 years.
"There's growing worry about a sharp slowdown in growth in China," said Steven Leung, director of institutional sales in UOB-Kay Hian Holdings Ltd in Hong Kong. "Since the market sentiment overall is quite weak, people will only respond to negative news."
The H-share gauge tumbled 29 percent in the third quarter, the sixth-worst performer among 95 global benchmark indexes tracked by Bloomberg News and the steepest decline since the three months to June 1998, when the Asian financial crisis helped send the index 39 percent lower. Stocks have fallen as the mainland raised interest rates and reserve-requirement ratios for banks to cool inflation that's at the highest level in almost three years.
More than half the global investors surveyed by Bloomberg News predict the mainland's annual growth will slow to less than 5 percent by 2016, according to results released on Thursday.
The Hang Seng China Enterprises Index, which tracks so-called H shares, sank 3.9 percent to 8,917.36 at the close. China National Building Material Co tumbled 11 percent after a gauge of manufacturing contracted for a third month. The Agricultural Bank of China dropped 8.5 percent as central bank data showed savings were headed for the first quarterly decline in almost 20 years.
"There's growing worry about a sharp slowdown in growth in China," said Steven Leung, director of institutional sales in UOB-Kay Hian Holdings Ltd in Hong Kong. "Since the market sentiment overall is quite weak, people will only respond to negative news."
The H-share gauge tumbled 29 percent in the third quarter, the sixth-worst performer among 95 global benchmark indexes tracked by Bloomberg News and the steepest decline since the three months to June 1998, when the Asian financial crisis helped send the index 39 percent lower. Stocks have fallen as the mainland raised interest rates and reserve-requirement ratios for banks to cool inflation that's at the highest level in almost three years.
More than half the global investors surveyed by Bloomberg News predict the mainland's annual growth will slow to less than 5 percent by 2016, according to results released on Thursday.
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