Index sticks to post-record slide
THE Hang Seng Index continued its steady downward slide yesterday, dropping 62.1 points to 7,265.58 in the wake of disappointing results from Cathay Pacific and concern about the crackdown on residential property speculation.
It was the fourth straight daily decline after the index hit a record 7,605.26 last Thursday. The index has lost 339.68 points, 4.5 per cent, since then.
The concerns have been reflected in turnover, which has averaged $3.92 billion this week compared with $4.86 billion last week.
Brokers said the market could continue to fall because investors were still nervous, particularly about China's uncertain economic environment.
They expected the index to trade between 7,100 and 7,250 for the rest of the week.
Despite this week's decline, Hong Kong is still the world's third-best performing market with a 31.8 per cent jump so far this year, behind Finland and Japan.