Hong Kong stocks hit three-month low on bank contagion fears

📆 3/20/2023 5:30 PM
📰 FinancialReview

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Hong Kong’s benchmark Hang Seng Index slumped 2.7 per cent; the Shanghai Composite Index lost about 0.5 per cent.

failed to ease market concerns of risk contagion.

China stocks also ended lower, erasing earlier gains, despite Beijing’s fresh monetary-easing measures to support economic growth.Hong Kong’s benchmark Hang Seng Index slumped 2.7 per cent, the lowest close since early December. The Hang Seng China Enterprises Index lost 2.2 per cent.

Hong Kong-listed banking stocks tumbled nevertheless on Monday, as the complete write-off of the troubled bank’s bond value soured sentiment. HSBC’s Hong Kong listed shares slumped more than 6 per cent, posting the biggest one-day percentage loss in nearly six months. Bank of East Asia shares dropped more than 4 per cent to a 10-week low. Standard Chartered tumbled more than 7 per cent, the worst performance in a year.China stocks fell even afterReuters

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