Hong Kong shares tumbled for a second straight session as turnover spiked after more weak data from the United States on Tuesday compounded global growth concerns.
|||Hong Kong shares tumbled on Wednesday for a second straight session as turnover spiked after more weak data from the United States on Tuesday compounded global growth concerns.
The Hang Seng Index slumped 1.91 percent to 21,992.72, while the China Enterprises Index of top Hong Kong-listed Chinese companies dropped 2.21 percent to 12,007.1.
On the mainland, the Shanghai Composite Index pulled back from a six-week low to finish almost flat, edging down 0.03 percent to 2,678.48 points. A-share turnover declined from Tuesday and was almost 30 percent below its 20-day average.
HIGHLIGHTS:
* Wednesday's retreat was the index's worst daily performance in a month. The next level traders are looking at for the Hang Seng is around 21,500. The level corresponds with this year's low in June and also the 23.6 percent retracement of the index's entire move up from the financial crisis low in 2008 to the peak in November last year.
* Export-related names were hit hardest by increasing fears that Washington's efforts to cut spending will slow growth at a time when global factory output is already stagnating. Li & Fung Ltd toppled 5 percent to a two-year low and into technically oversold territory, adding to its more than 45 percent loss so far in 2011. Due to announce its interim results on Aug. 11, Macquarie and Citi revised down their full-year earnings estimates for Li & Fung last week.
* Li & Fung manages supply chains for retailers including Wal-Mart Stores Inc and Target Corp . The United States remains Li & Fung's key export market, representing 65 percent of total turnover in 2010, compared with 64 percent in 2009. Europe accounted for 25 percent of turnover in 2010, against 27 percent in 2009. - Reuters
Source: http://www.iol.co.za/hong-kong-shares-end-down-1.1111118
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