Hong Kong Next Up in World’s Growing List of Stock Bear Markets
- Hang Seng Index down 20% from April peak in intraday trading
- Chinese oil firms, Hong Kong developers leading declines
Hang Seng Index is seen at the Exchange Square in Hong Kong on March. 12.
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Hong Kong stocks staved off entering its second bear market in as many years on Thursday, as investors around the world succumb to fear that the coronavirus outbreak will derail global economic growth.
The Hang Seng Index fell as much as 4.4%, briefly taking its losses since an April peak to 20%, before ending down 3.7%. Dropping 0.8% on Friday will put the benchmark in bear territory, leaving just China and Taiwan as among the world’s 20 biggest stock markets not there. India equities are poised to end Thursday in a bear market, where on Wednesday the Dow Jones Industrial Average finished in the U.S.