Hong Kong Stocks Enter Correction on China, Greece Double Hit
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Hong Kong stocks sank the most since 2012 amid speculation Chinese investors were shifting money out of the city’s market, and as Greece’s rejection of austerity measures spurred equity declines across Asia.
Hong Kong Exchanges & Clearing Ltd. tumbled 9.6 percent at the close, the most since October 2008, after Goldman Sachs Group Inc. recommended selling the shares. Haitong International Securities Group Ltd. slid 13 percent as mainland brokerages slumped. Internet company Tencent Holdings Ltd. fell 5.5 percent, the biggest drag on the city’s equities benchmark.