Hong Kong Stocks Fall to 5-Month Low Amid China Growth Concern
Hong Kong stocks fell, with the benchmark index sliding to its lowest level in five months amid concern about slower growth in China.
China Minsheng Banking Corp. led declines among mainland banks, falling 1.4 percent. Gold producer Zhaojin Mining Industry Co. plunged 8.3 percent as the bullion extended its biggest drop in three decades. Techtronic Industries Co. (669), a power-tool maker that counts North America as its biggest market, fell 3.1 percent after bombs exploded near the finish line of the Boston Marathon.
The Hang Seng Index dropped 1.2 percent to 21,513.32 as of 9:46 a.m. in Hong Kong, its lowest level since November. The Hang Seng China Enterprises Index of mainland shares dropped 1.3 percent to 10,309.39.
“Brace yourselves today,” said Evan Lucas, a market strategist at IG Markets Ltd., a provider of trading services in Melbourne. “The sell-off will be sharp and indiscriminate, loss will be across the board, not even the defensives will escape the flight to safety today.”
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