Hong Kong Stocks Extend Decline as HSBC Retreats With Tencent
- Hang Seng Index closes at lowest level since June 2012
- Energy producers gain as crude oil rallies from below $27
Market Turmoil: What Will Stop the Selloff?
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Hong Kong stocks fell as HSBC Holdings Plc led declines by some of the city’s largest listed companies and mainland shares slid to the lowest level since 2009.
The Hang Seng Index lost 1.2 percent to 18,319.58, its lowest close since June 2012. HSBC was the biggest drag, capping a 8.1 percent two-day drop, amid concern over the perceived creditworthiness of European banks. Tencent Holdings Ltd., which has the largest weighting on the index, sank 1.9 percent. Hong Kong stocks have lost almost $2 trillion in market value from an April peak, data compiled by Bloomberg show, while a measure of equities around the world fell into a bear market this week.