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Panorama Internazionale

12 OTTOBRE 2018

04:59 - Hong Kong

WALL STREET BLOODBATH SPILLS OVER TO HONG KONG, CHINA STOCKS

(ICE) - ROMA, 12 OTT -

Stocks in Hong Kong and Shanghai plunged on Thursday as a sell-off on Wall Street spread to Asia, after rising bond yields and higher interest rates spooked investors and caused a broad market rout.

The Chinese onshore yuan was also hit hard, sinking to 6.9331 per dollar, a 21-month low, before bouncing back to 6.9265 late in the afternoon.

Hong Kong’s benchmark Hang Seng Index briefly tanked by 1,068 points, or 4.1 per cent, to 25,125.22, its lowest intraday level since May last year. It closed at a 17-month low of 25,266.37, down 926.70 points, or 3.54 per cent, which is also its biggest single day fall since February 6, 2018, when it dropped by 5.1 per cent.

Stocks in Shanghai sank by 5.2 per cent to close at their lowest level in four years.

As investors dumped stocks in Hong Kong, turnover spiked. For the main board, it was HK$139.74 billion, 62 per cent higher than Wednesday’s volume, HK$86 billion.

Trade in Tencent shares was exceptionally active. Its turnover reached a whopping HK$18.15 billion. The stock single-handedly accounted for 13 per cent of the entire main board’s trading volume. Its turnover was also much higher than its average full-day turnover of HK$8 billion between Monday and Wednesday this week.

The Hang Seng China Enterprises Index, which tracks Chinese companies listed in Hong Kong, slid by 3.4 per cent to 10,092.52 in the afternoon.

“In mainland China, the benchmark Shanghai Composite Index tumbled by 5.4 per cent to close at 2,578.58, its lowest finish since November 2014.

In Shenzhen, the technology-heavy Shenzhen Composite Index and the ChiNext, the start-up board, erased 6.45 per cent and 6.3 per cent, respectively, by the close. About 1,000 stocks dropped by the maximum allowed 10 per cent on the two exchanges.

Also on Thursday, capital fled mainland China, with net outflows from the Shanghai and Shenzhen bourses totalling 3.5 billion yuan (US$505.2 million), according to data from the Stock Connect scheme that links these mainland bourses with the Hong Kong market.

 

(ICE HONG KONG)

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