HK shares suffer worst day in three months
ReutersHONG KONG--Hong Kong shares posted their worst loss in three months on Tuesday, unmoved by onshore China's reversal of midday losses and weighed down by a 6.5 percent slide in China Petroleum and Chemical Corp. (Sinopec) after a US$3.1 billion new share placement.
February 6, 2013, 12:03 am TWN
The territory's property developers also were hit by comments from the chief of its defacto central bank that more measures could be introduced to cool the property market as elevated household debt is worsening risks from price gains.
The Hang Seng Index fell 2.3 percent to 23,148.5 points, its worst single-day loss since Nov. 8. It closed below its 10-day moving average for the first time since late November, suggesting more losses may be in store in the short term.
The China Enterprises Index of the top Chinese listings in Hong Kong slid 2.8 percent to its lowest closing level since Jan. 8.
In mainland markets, though, the CSI300 of the top Shanghai and Shenzhen listings posted a third-straight daily gain, rising 0.9 percent, rebounding from earlier losses. The Shanghai Composite Index stretched a winning streak into a seventh day, ending up 0.2 percent.