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NewsHong Kong shares hit 3-month low on Greek debt crisis, China stock slump
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Hong Kong shares hit 3-month low on Greek debt crisis, China stock slump
by Cals Mon 29 Jun 2015, 20:53
Hong Kong shares hit 3-month low on Greek debt crisis, China stock slump
(June 29): Hong Kong stocks dropped to their lowest level in three months, as investors reacted to negative developments in Greece as well as the slump in mainland markets.
The Hang Seng index fell 2.6 percent, to 25,966.98, while the China Enterprises Index lost 3.0 percent, to 12,694.66 points.
Hong Kong stocks took cues from sluggish global markets, as investors moved toward safe haven currencies and assets on Monday as Athens faced a debt default.
Investor sentiment was also hurt by the continued sell-off in mainland markets, despite fresh government easing moves announced over the weekend.
"There will likely be a default by Greece, which would hit global and Hong Kong markets," said Sam Chi Yung, strategist at Delta Asia Securities Ltd.
He added that the Chinese central bank's moves to cut both interest rates and banks' reserve ratios over the weekend "implies that China's economy is in really bad shape, and that's not good for businesses, and is negative to stocks."
Stocks in Hong Kong fell across the board.
(June 29): Hong Kong stocks dropped to their lowest level in three months, as investors reacted to negative developments in Greece as well as the slump in mainland markets.
The Hang Seng index fell 2.6 percent, to 25,966.98, while the China Enterprises Index lost 3.0 percent, to 12,694.66 points.
Hong Kong stocks took cues from sluggish global markets, as investors moved toward safe haven currencies and assets on Monday as Athens faced a debt default.
Investor sentiment was also hurt by the continued sell-off in mainland markets, despite fresh government easing moves announced over the weekend.
"There will likely be a default by Greece, which would hit global and Hong Kong markets," said Sam Chi Yung, strategist at Delta Asia Securities Ltd.
He added that the Chinese central bank's moves to cut both interest rates and banks' reserve ratios over the weekend "implies that China's economy is in really bad shape, and that's not good for businesses, and is negative to stocks."
Stocks in Hong Kong fell across the board.
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