Hong Kong stocks plunge ahead of the ECB press conference

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Source: Dukascopy Bank SA
Chinese stocks extended previous slump on Wednesday amid weak market confidence after negative headlines from the US. Anticipation of the ECB press conference also weighted down on the market sentiment. The Hang Seng Index lost 1.47% to close at 19,145.07. All sectors included in the index dropped. The top-losers were basic materials and consumer services. Aluminum Corp of China and Sands China tumbled 1.71% and 4.59%. Banking industry also moved down. China Construction Bank, Bank of China and Hang Seng Bank plunged 1.78%, 2.00% and 0.54%, respectively. Energy firms declined by 2.44%, with China Coal Energy and China Shenhua Energy falling by 3.18% and 4.13%.  Nomura reported that weaker coal demand during low power season between September and November is set to create strong pressure on coal prices. Nomura remained bearish on coal companies, maintaining ‘sell' rating for China Coal and ‘neutral' for China Shenhua Energy.

 

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Wed, 05 Sep 2012 18:01:29 GMT

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