Related News
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.
- About Us
- |
- Terms of Use
- |
-
RSS - |
- Privacy Policy
- |
- Contact Us
- |
- Shanghai Call Center: 962288
- |
- Tip-off hotline: 52920043
- 娌狪CP璇侊細娌狪CP澶05050403鍙-1
- |
- 浜掕仈缃戞柊闂讳俊鎭湇鍔¤鍙瘉锛31120180004
- |
- 缃戠粶瑙嗗惉璁稿彲璇侊細0909346
- |
- 骞挎挱鐢佃鑺傜洰鍒朵綔璁稿彲璇侊細娌瓧绗354鍙
- |
- 澧炲肩數淇′笟鍔＄粡钀ヨ鍙瘉锛氭勃B2-20120012
Copyright 漏 1999- Shanghai Daily. All rights reserved.Preferably viewed with Internet Explorer 8 or newer browsers.
