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HK Stocks Dive As Heavyweight HSBC Plunges
By Hanny Wan |
March 10, 2009, Tuesday
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Print Edition
Print Edition
HONG Kong stocks fell yesterday, with HSBC Holdings Plc leading the benchmark index to its steepest drop in three months amid concern a world recession will erode earnings.
The Hang Seng Index dropped 576.94, or 4.8 percent, to 11,344.58, the steepest drop since December 12. The benchmark index has lost 21 percent this year.
HSBC, the bank that's raising 12.5 billion pounds (US$17.6 billion) in a rights offer, plunged by 24 percent to HK$33, its lowest close since May 1995.
It was the steepest drop since at least 1986, with the fall accelerating 13 percent in the last 10 minutes of trading, Bloomberg News said.
The Hang Seng Index dropped 576.94, or 4.8 percent, to 11,344.58, the steepest drop since December 12. The benchmark index has lost 21 percent this year.
HSBC, the bank that's raising 12.5 billion pounds (US$17.6 billion) in a rights offer, plunged by 24 percent to HK$33, its lowest close since May 1995.
It was the steepest drop since at least 1986, with the fall accelerating 13 percent in the last 10 minutes of trading, Bloomberg News said.
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