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Hong Kong falls for second day
Source: Bloomberg News |
November 17, 2011, Thursday
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Print Edition
Print Edition
HONG Kong stocks declined for a second day, dragging the Hang Seng Index to its lowest close in three weeks, as rising Italian bond yields stoked concern the eurozone debt crisis is spreading.
HSBC, Europe's largest lender, declined 2.1 percent. Air China, the world's biggest airline by market value, fell 3.9 percent after Daiwa Securities Group downgraded Chinese carriers. Esprit, the clothier that counts Europe as its biggest market, sank 4.3 percent after it was removed from the MSCI Hong Kong Index.
Nader Naeimi, a strategist for AMP Capital Investors, said: "The European situation has gone from bad to worse and that is going to continue to put pressure on global equities."
The Hang Seng fell 2 percent to 18,960.9 at the close, its lowest close since October 24. All but two stocks in the 46-member benchmark index dropped. The gauge slumped 3.6 percent last week as Europe's sovereign debt crisis stirred political turmoil, with Italy and Greece replacing their leaders.
The Hang Seng China Enterprises Index of Chinese mainland companies listed in Hong Kong slid 2.9 percent to 10,332.09.
Stocks declined after Italy's 10-year bond yield rose again above the 7 percent threshold that led Greece, Ireland and Portugal to seek bailouts.
Italian prime minister-designate Mario Monti announced his new cabinet yesterday as he faces the task of trimming Europe's second-biggest debt. Lawmakers in Greece are to decide whether to give Prime Minister Lucas Papademos a three-month mandate to implement austerity measures and ensure a bailout of 130 billion euros (US$176 billion) from European partners.
HSBC dropped to HK$60.75 (US$7.81). Standard Chartered, the UK's second-biggest bank, fell 0.9 percent to HK$166.50.
Hong Kong lenders also declined after the International Monetary Fund said rising foreign currency loans in the territory may strain bank funding and lead to "worsening credit quality."
HSBC, Europe's largest lender, declined 2.1 percent. Air China, the world's biggest airline by market value, fell 3.9 percent after Daiwa Securities Group downgraded Chinese carriers. Esprit, the clothier that counts Europe as its biggest market, sank 4.3 percent after it was removed from the MSCI Hong Kong Index.
Nader Naeimi, a strategist for AMP Capital Investors, said: "The European situation has gone from bad to worse and that is going to continue to put pressure on global equities."
The Hang Seng fell 2 percent to 18,960.9 at the close, its lowest close since October 24. All but two stocks in the 46-member benchmark index dropped. The gauge slumped 3.6 percent last week as Europe's sovereign debt crisis stirred political turmoil, with Italy and Greece replacing their leaders.
The Hang Seng China Enterprises Index of Chinese mainland companies listed in Hong Kong slid 2.9 percent to 10,332.09.
Stocks declined after Italy's 10-year bond yield rose again above the 7 percent threshold that led Greece, Ireland and Portugal to seek bailouts.
Italian prime minister-designate Mario Monti announced his new cabinet yesterday as he faces the task of trimming Europe's second-biggest debt. Lawmakers in Greece are to decide whether to give Prime Minister Lucas Papademos a three-month mandate to implement austerity measures and ensure a bailout of 130 billion euros (US$176 billion) from European partners.
HSBC dropped to HK$60.75 (US$7.81). Standard Chartered, the UK's second-biggest bank, fell 0.9 percent to HK$166.50.
Hong Kong lenders also declined after the International Monetary Fund said rising foreign currency loans in the territory may strain bank funding and lead to "worsening credit quality."
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