Hong Kong Stocks Have Worst Start Since 1995 as China Woes Deepen
- Hang Seng Index fell 2.8% on Wednesday on China growth worries
- China gauges slide below support levels as more losses seen
This article is for subscribers only.
This year is looking no kinder to China bulls than 2018. Hong Kong equities suffered their worst first day of trading since 1995, while Chinese stock gauges fell below major support levels, suggesting more losses are on the way. The news from Apple Inc. is likely to only worsen investor confidence in the nation’s economy.
Traders attributed Wednesday’s slump to Chinese manufacturing data, which signaled a contraction, though the plunge just continued a recent bearish trend. The Hang Seng Index slid 2.8 percent, extending 2018’s 14 percent retreat. The Shanghai Composite tumbled to a four-year low, while the Hang Seng China Enterprises Index fell below the key 10,000 level to close at its lowest level since February 2017.