Hang Seng falls 1st time in 6 days
Source: Bloomberg News |
October 9, 2012, Tuesday
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Print Edition
Print Edition
HONG Kong stocks fell yesterday, with the city's share index shedding for the first time in six days, as the Chinese mainland's markets reopened after a week-long break.
The Hang Seng Index lost 0.9 percent to 20,824.56 at the close, with almost four stocks falling for each that gained. The index rose 2.4 percent in the five days through Friday. The Hang Seng China Enterprises Index of mainland companies, also known as the H-share index, slid 1.3 percent to 9,839.84.
"It looks like the US is going through a recovery and things are quite strong there, China is the wobbly leg and Europe's another wobbly leg and so it's two out of three that are providing a little bit of uncertainty," said Marco Li, Hong Kong-based portfolio manager at Manulife Asset Management, which oversees US$218 billion globally. "For the rally to continue you need a little bit more firming of the two wobbly legs."
The Hang Seng Index climbed 14 percent this year through Friday as central banks from the US, Europe and China announced measures to boost their economies.
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