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HK stocks slide on US jobless concerns
By Hanny Wan |
January 10, 2009, Saturday
|
Print Edition
Print Edition
HONG Kong stocks fell for a fourth day on concerns the global recession is worsening as economists predicted that the United States would record its biggest collapse in employment since the end of World War II.
Foxconn International Holdings Ltd, the world's largest contract maker of mobile phones, tumbled 15 percent. Macquarie Group Ltd cut its rating on the stock to "neutral."
Yue Yuen Industrial (Holdings) Ltd, the world's largest maker of sports shoes, lost 6 percent.
Ping An Insurance (Group) Co dropped 4.3 percent after UBS AG lowered its recommendation to "sell."
"All eyes are on the US jobless figures, and concerns are mounting that the numbers will look real ugly," said Steven Leung, director of institutional sales at UOB-Kay Hian Ltd in Hong Kong. "The market is mainly dominated by short-term trading. However, going forward we expect to see more downgrades as the focus moves back to fundamentals."
The Hang Seng Index lost 38.47 yesterday, or 0.3 percent, to close at 14,377.44, after climbing as much as 1.8 percent. The gauge, which dropped 4.4 percent this week, tumbled 48 percent last year, the most since 1974, as the global financial crisis dragged the world's largest economies into recessions, Bloomberg News reported.
Foxconn International Holdings Ltd, the world's largest contract maker of mobile phones, tumbled 15 percent. Macquarie Group Ltd cut its rating on the stock to "neutral."
Yue Yuen Industrial (Holdings) Ltd, the world's largest maker of sports shoes, lost 6 percent.
Ping An Insurance (Group) Co dropped 4.3 percent after UBS AG lowered its recommendation to "sell."
"All eyes are on the US jobless figures, and concerns are mounting that the numbers will look real ugly," said Steven Leung, director of institutional sales at UOB-Kay Hian Ltd in Hong Kong. "The market is mainly dominated by short-term trading. However, going forward we expect to see more downgrades as the focus moves back to fundamentals."
The Hang Seng Index lost 38.47 yesterday, or 0.3 percent, to close at 14,377.44, after climbing as much as 1.8 percent. The gauge, which dropped 4.4 percent this week, tumbled 48 percent last year, the most since 1974, as the global financial crisis dragged the world's largest economies into recessions, Bloomberg News reported.
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