Hong Kong shares close down 1.3pc, HSBC dives on earnings
Hong Kong shares suffered their heaviest daily loss in a month on Tuesday, pulled down by a 5 per cent tumble for index heavyweight HSBC after its first half earnings disappointed investors.
The Hang Seng Index closed down 1.3 per cent at 21,923.7 points in its biggest daily loss since July 8. The China Enterprises Index of the leading Chinese listings in Hong Kong shed 0.8 per cent.
Tuesday’s losses knocked shares of HSBC off Monday’s 11-week closing high after they soared 13 per cent from a June 24 low. After the Hong Kong market closed Monday, Europe’s largest bank reported US$14.1 billion (HK$109.4 billion) in pretax profit in the first half, less than an expected $14.6 billion.