Chinese shares dropped on weak Japan's exports

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Source: Dukascopy Bank SA
The Hang Seng Index plunged on Wednesday on speculation that China's government is planning to expand property tax. Moreover, dismal Japan's trade balance data, showing that exports to China dropped sharply in July, added pressure on Chinese blue chips index. The Hang Seng Index sank 1.06% to trade at 19,887.78. All sectors included in the index tumbled. Basic materials and oil and gas companies created the strongest pressure on the China's stock index. China Coal and PetroChina were among the top-losers, declining by 2.76% and 2.33%. Property developers also weighted down on Hang Seng Index on real estate tax concerns. Cheung Kong Holdings, China Resources Land and Sino Land slumped 0.13%, 1.19% and 1.34%, respectively.

 

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Wed, 22 Aug 2012 12:34:50 GMT

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