• Sat
  • Dec 27, 2014
  • Updated: 6:01am

Hong Kong shares end down 2.2pc, Chinese banks sink

PUBLISHED : Monday, 24 June, 2013, 2:58pm
UPDATED : Monday, 24 June, 2013, 4:26pm
 

Hong Kong shares dived on Monday, rocked by steep losses in mainland markets with Chinese financials hammered on fears that the central bank would keep money tight and economic growth could slow sharply.

The Hang Seng Index, dropping for a fourth straight day, ended down 2.2 per cent at 19,814 points. The China Enterprises Index of the top Chinese listings in Hong Kong sank 3.2 per cent to its lowest since October 2011.

The CSI300 of the leading Shanghai and Shenzhen A-share listings ended down 6.3 per cent at 2,171.2 points. The Shanghai Composite Index dived 5.3 per cent. For both, Monday was the biggest daily loss since August 31, 2009.

Losses on Monday took benchmark indexes below key chart supports, pointing to further weakness. The H-share index closed below technical support at September lows at about 8,990, a level that was also firm support in October 2011.

Among the biggest losers were smaller Chinese banks seen as more reliant on short-term interbank funding. China Minsheng Bank plunged 8 per cent, its worst day since October 2011. Industrial and Commercial Bank of China fared the worst among the “Big Four”, sliding 3 per cent.

Warren Buffett-backed Chinese automaker BYD plunged 11 per cent after CLSA analysts repeated their sell call. They see its share price down 80 per cent from Monday’s close, believing its new F3 sedan has been launched too late.

 

Share

Related topics

For unlimited access to:

SCMP.com SCMP Tablet Edition SCMP Mobile Edition 10-year news archive
 
 

 

 
 
 
 
 

Login

SCMP.com Account

or