Hong Kong stocks fall for 4th ses­sion, China wor­ries mount

The Pak Banker - - BUSINESS -

HONG KONG: Hong Kong shares fin­ished lower on Wed­nes­day for the fourth straight day, as in­vestor con­fi­dence was sub­dued by a steady stream of gloomy news about China's econ­omy.

The Hang Seng in­dex fell 1.3 per­cent, to 23,167.85, while the China En­ter­prises In­dex lost 1.2 per­cent, to 10,642.24 points. The Com­merce Min­istry said on Wed­nes­day that ex­ports could con­tinue fall­ing in com­ing months, af­ter an 8.3 per­cent plunge in July, their big­gest drop in four months, adding to con­cerns over the health of China's econ­omy. Do­mes­tic and global in­vestors are grow­ing anx­ious that China's econ­omy will suf­fer a hard land­ing. Their anx­i­ety is only height­ened by the prospect of an im­mi­nent rise in U.S. in­ter­est rates, which would draw cap­i­tal away from emerg­ing mar­kets like China.

Stocks fell across the board, with the ser­vices sec­tor lead­ing the de­cline. Among the most ac­tively traded stocks on Hong Kong's main board were CCT Land, un­changed at HK$0.02; Bank of China, down 0.7 per­cent to HK$4.00 and CCB, down 1.5 per­cent to HK$6.02. To­tal trad­ing vol­ume of com­pa­nies in­cluded in the HSI in­dex was 2.0 bil­lion shares.

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