Daily Report | Hong Kong stocks recover from early Brexit panic selling
Hang Seng Index ends down 2.9 per cent at 20,259, after having dipped 5.8 per cent by late morning
Hong Kong stocks recovered slightly in Friday afternoon trading after an earlier panic sell off in the wake of the stunning UK referendum results.
The Hang Seng Index ended 609.2 points or 2.9 per cent lower at 20,259. At one point it had lost over 1,000 points or 5.8 per cent to 19,662.7 in late morning trading.
The H-share index slid 2.9 per cent or 255.0 points to end at 8,530.1.
Total turnover on the main board jumped 84.9 per cent from a day earlier to HK$99.8 billion.
The UK’s referendum result was announced on Friday around 2pm China time, with 52 per cent of voters opting for Brexit compared with 48 per cent for remain, after nearly half a century staying in the European Union.
Among 50 constituents of Hang Seng Index, shares of London-based HSBC took the hardest hit, tumbling 6.59 per cent to end at HK$47.45. The trading volume soared to 276 million shares compared with a daily average of only 20 to 40 million shares.