Hong Kong's Year of the Monkey Starts With an Equity Rout: Chart

The year of the monkey is off to an inauspicious start for Hong Kong stock investors. The Hang Seng Index sank 3.7 percent in early trading on Thursday, heading for its worst first day of the lunar new year since 1994. While the selloff 22 years ago foreshadowed a further drop of 17 percent over the following three months, it’s not all bad news for bulls. On five of the 10 other occasions since 1990 when Hong Kong stocks fell to start a lunar new year, they rallied over the next three months.