Hang Seng dives below 27,000 points

Business | 5 Dec 2018 12:59 pm

Stocks in Hong Kong tumbled in morning trade today following sharp losses on Wall Street overnight.

At noon, the benchmark Hang Seng Index skidded 1.54 percent, or 420.39 points, at 26,840.05 while the China Enterprises Index, the H-share gauge, shed 1.35 percent, or 147.48 points, at 10,760.06.

Index heavyweight Tencent Holdings (0700) declined 2.4 percent while China Construction Bank (0939) slid 1.6 percent. CNOOC (0883) tumbled 3.2 percent.

Apple supplier stocks dropped after a report said Apple is seeking new selling strategies including offering discounts to customers. AAC Technology (2018) dived 3.4 percent while Tong Da Group (0698) tanked 3.3 percent.

Meanwhile, Sino Land (0083) and CLP Holdings (0002) both advanced 1.7 percent, and China Resources Power Holdings (0836) gained 1.8 percent.

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