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Hong Kong stocks follow China, global markets lower on weaker yuan
by Cals Wed 12 Aug 2015, 19:00
Hong Kong stocks follow China, global markets lower on weaker yuan
(Aug 12): Hong Kong stocks slid on Wednesday, following sluggish global and mainland markets, after China allowed its currency to depreciate sharply for a second day amid fresh signs that the economy is still struggling.
The Hang Seng index fell 2.4 percent, to 23,916.02, while the China Enterprises Index lost 2.0 percent, to 11,042.79 points.
China's yuan fell for a second day and hit a four-year low on Wednesday, as the country published fresh data that showed growth in factory output, investment and retail sales were all weaker than expected in July.
Investors continued to dump Chinese airline shares on fears that a weaker yuan would translate into higher fuel bills and hurt sectors with heavy foreign debt.
China Eastern fell 3.7 percent, China Southern dropped 7 percent and Air China lost 5.8 percent.
Hong Kong-listed exporters outperformed. Exporters including Johnson Electric and VTech Holdings ended the day firmer.
(Aug 12): Hong Kong stocks slid on Wednesday, following sluggish global and mainland markets, after China allowed its currency to depreciate sharply for a second day amid fresh signs that the economy is still struggling.
The Hang Seng index fell 2.4 percent, to 23,916.02, while the China Enterprises Index lost 2.0 percent, to 11,042.79 points.
China's yuan fell for a second day and hit a four-year low on Wednesday, as the country published fresh data that showed growth in factory output, investment and retail sales were all weaker than expected in July.
Investors continued to dump Chinese airline shares on fears that a weaker yuan would translate into higher fuel bills and hurt sectors with heavy foreign debt.
China Eastern fell 3.7 percent, China Southern dropped 7 percent and Air China lost 5.8 percent.
Hong Kong-listed exporters outperformed. Exporters including Johnson Electric and VTech Holdings ended the day firmer.
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