Recovery Fears Depress Hong Kong Market
Source: Agencies |
February 9, 2010, Tuesday
|
Print Edition
Print Edition
HONG Kong shares slipped to a five-month closing low yesterday, falling for a third consecutive session on mounting concern that the eurozone's debt problems will hamper the global economic recovery.
The Hang Seng Index closed down 0.58 percent, or 114.19 points, at 19,550.89. The China Enterprises Index of top locally listed Chinese mainland stocks closed down 1.28 percent at 10,989.19.
Market turnover fell to HK$59.63 billion (US$7.67 billion), its lowest level since January 4, from last Friday's HK$77.5 billion.
"The situation now has reversed. We are swinging back to fear, compared to previously, when we were on the greed side," said Ben Kwong, chief operating officer at financial services group KGI Asia.
"Overall market sentiment remains cautious. The situation in the overseas markets remains unclear and European financial instability is a concern," he said, predicting that the index could test 19,000 in the near term.
The Hang Seng Index closed down 0.58 percent, or 114.19 points, at 19,550.89. The China Enterprises Index of top locally listed Chinese mainland stocks closed down 1.28 percent at 10,989.19.
Market turnover fell to HK$59.63 billion (US$7.67 billion), its lowest level since January 4, from last Friday's HK$77.5 billion.
"The situation now has reversed. We are swinging back to fear, compared to previously, when we were on the greed side," said Ben Kwong, chief operating officer at financial services group KGI Asia.
"Overall market sentiment remains cautious. The situation in the overseas markets remains unclear and European financial instability is a concern," he said, predicting that the index could test 19,000 in the near term.
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