Update | Hong Kong stocks slide 2 per cent on 30th anniversary of Black Monday
Nearly all of the companies listed on the Hang Seng Index retreated exactly three decades after Wall Street’s biggest ever one-day collapse
Hong Kong stocks declined sharply on Thursday, with 47 of the 50 components falling in the benchmark Hang Seng Index. Mainland markets also fell.
Analysts said investors’ anxiety on the 30th anniversary of Black Monday may have depressed the market, while China’s latest economic data raised some concerns about slowing growth in the fourth quarter.
The Hang Seng Index slumped 1.9 per cent, or 552.67 points, to close at 28,159.09, snapping a five-day winning streak. The Hang Seng China Enterprise index, known as the H-share index, tumbled 2.3 per cent to 11,357.45.
Daily turnover jumped 33 per cent to more than HK$116 billion.
Car maker Geely Auto sank 7.5 per cent to HK$24.85, the biggest loser among Hang Seng constituents. Tencent dropped 2.4 per cent to HK$346.2, responsible for 73 points of losses in the index.
“The Hang Seng Index has already gathered significant gains this year. Risks [of possible retreats] are increasing, ” said Linus Yip, chief strategist at First Shanghai Securities.