Hong Kong Stock Selloff Is the Most Intense Since 2008: Chartby
Two of every three Hang Seng Index members at 52-week lows
City's equities slump this year on currency, profit concerns
Hong Kong’s stock investors are running out of places to turn, with the most shares trading at year-lows since the depths of the global financial crisis.
The proportion of Hang Seng Index members hitting new 52-week lows rose to 64 percent on Wednesday, the highest since October 2008. Increasing bets the city will scrap its currency peg and concern China’s slowing economy will hurt earnings spurred a 14 percent plunge in the 50-member gauge this year through yesterday. Price-to-book valuations show the benchmark index trading at the lowest levels since 1998, when the Asian financial crisis helped burst a property bubble.
The Hang Seng Index fell 1.8 percent to its lowest close since June 2012 on Thursday, erasing a 1.9 percent advance earlier in the day.