Hong Kong shares sink 4%
11 February 2016, Nirapad News: Hong Kong shares joined the downward trend across Asia as trading resumed after the Lunar New Year break.
The Hang Seng opened with a sharp 4% drop to 18,508.96 points, reports the BBC.
Markets in China remain closed due to a longer new year break. Those markets that were open in the region over the past days had all seen hefty losses.
Japanese shares had tumbled in to bear territory after a two day rout, but the Nikkei is closed on Thursday for a national holiday.
The biggest losses on the Hang Seng were seen by HSBC falling 5.3% while Tencent, AIA and China Mobile all shed more than 4% in early trade.
The ongoing concern over the global economy and China’s slowing growth was confirmed by US Federal Reserve chair Janet Yellen in a speech to Congress on Wednesday.
She warned that financial conditions in the United States have recently become ‘less supportive of growth’ while China’s ‘unclear’ currency policy was fuelling global stock market volatility.
‘This uncertainty led to increased volatility in global financial markets and, against the background of persistent weakness abroad, exacerbated concerns about the outlook for\ global growth.’