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Hong Kong stocks slump to 14-month low, entering a bear market territory
11-09-2018, 07:55 PM. (This post was last modified: 11-09-2018, 07:57 PM by cyclone. Edit Reason: Changed thread title )
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Hong Kong stocks slump to 14-month low, entering a bear market territory
Hong Kong stocks slump to 14-month low as US-China trade war fears continue to rattle investors
Apple-related stocks fell further after Donald Trump’s tweet urging the California-based iPhone maker to manufacture more products at home

Louise Moon
PUBLISHED : Tuesday, 11 September, 2018, 6:12pm
UPDATED : Tuesday, 11 September, 2018, 6:12pm

Hong Kong stocks closed at their lowest level in 14 months on Tuesday, entering a bear market as investors continued to worry about the escalating US-China trade war.

The Hang Seng Index fell 0.72 per cent, or 190.87 points, to 26, 422.55, its lowest close since July 14, 2017. The Hang Seng China Enterprises Index dropped 0.96 per cent, or 100.46 points, to 10,333.16.

All sub-indexes, bar utilities and telecommunications, were down as the market closed just over 20 per cent lower than the year’s peak at the end of January.

“Market sentiment is still quite cautious, still worrying about the Chinese economy and the trade problem in the US,” said Kenny Tang Sing-hing, chief executive of Jun Yang Securities. “A lot of the larger capped stocks have seen a bad trend – the selling pressure is quite substantial.”

Shares on the mainland hit a 31-month low on similar trade worries. The benchmark Shanghai Composite, which moved into bear territory in late June, slid 0.18 per cent, or 4.69 points, to close at 2,664.80.

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