Hong Kong shares plunged as financials edged lower

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Source: Dukascopy Bank SA
Hong Kong shares faced the worst day in a month on Thursday, being weighted down by sharp fall in banking and consumer sectors. Hang Seng Index dropped by 2% to trade at 19,025.1. China's banks extended previous losses as worries over  exposure to bad loans added pressure on the Hang Seng Index. China Construction Bank and Industrial & Commercial Bank plunged 0.98% and 0.53%.  Bank of China and HSBC Holding also moved lower by 2.12% and 1.47%. Meanwhile, oil and gas sector tumbled 1.73% ; PetroChina declined by 2.25%. Property developers followed bearish trend, with Sino Land and China Resources Land sank 0.04% and 0.9%.

 

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