Hong Kong Stocks Tumble the Most This Year
- Hang Seng Index sinks as much as 2.2% in late trading
- Traders cite concerns from Hibor jump to Chinese deleveraging
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Hong Kong shares turned sharply lower in afternoon trading, led by some of the year’s best performers, as traders cited concerns ranging from the risks of Chinese deleveraging to a surge in the city’s interbank rates.
The Hang Seng Index lost as much as 2.2 percent, its biggest retreat since November, and closed 1.9 percent lower. Geely Automobile Holdings Ltd., which has more that tripled this year, plunged 7.5 percent, while Hong Kong developers declined after three-month bank borrowing costs climbed the most this year. ZTE Corp., a telecoms equipment maker, sank 11 percent after disappointing preliminary results.