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