Hang Seng plummets more than 3pc

Business | 9 Feb 2018 5:15 pm

Stocks in Hong Kong and China dived on Friday amid a sharp sell-off following the slump on Wall Street overnight.

The Hang Seng Index tumbled 3.10 percent, or 943.85 points, to close at 29,507.42, wiping out all of this year's gains. The benchmark, which has tracked the city's stock market since 1969, plunged 3,094.36 points in five days – the biggest weekly point drop ever.

Most blue-chips dropped by more than 1 percent today.

Index heavyweight Tencent (0700) dipped 3.05 percent, or HK$12.80, to HK$407.40 while local bourse operator Hong Kong Exchanges and Clearing (0388) tumbled 4.72 percent, or HK$12.80, to HK$258.20.

Banking giant China Construction Bank (0939) slid 4.46 percent to HK$7.72 while Industrial and Commercial Bank of China (1398) slipped 2.83 percent to HK$6.53.

Insurer AIA (1299) tumbled 4.28 percent, or HK$2.65, to HK$59.30 and Ping An Insurance (2318) dived 4.98 percent, or HK$4.15, to HK$79.25.

Macau casino operator Galaxy Entertainment (0027) dived 6.05 percent, or HK$4.05, to HK$62.90 and Sands China (1928) tumbled 3.82 percent, or HK$1.65, to HK$41.55.

Country Garden (2007) was the biggest blue-chip loser of the day. The Chinese property developer plunged 6.69 percent to HK$13.12.

Apple Suppliers were the only gainers on the benchmark today. Sunny Optical Technology (2382), the biggest blue-chip mover of the day, jumped 1.68 percent, or HK$1.80, to HK$108.80 and AAC Technologies (2018) climbed 0.21 percent to HK$144.20.

Meanwhile, the Hang Seng China Enterprises Index dropped 3.87 percent, or 478.71 points, at 11,901.67.

Total turnover on the main board was HK$219.08 billion.

In mainland China, the Shanghai Composite Index plunged as much as 5.8 percent before bouncing up to 3,129.85 points at close, tanked 4.05 percent, or 132.20 points while the Shenzhen Composite Index sank 3.19 percent, or 55.31 points, at 1,679.26.

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