Hang Seng Slips 1.1% at Close, Dips for Third Session
The Hang Seng plunged 194 points or 1.1% to finish at 17,457 on Wednesday, receding for the third day as futures tied to US stocks slipped following a sharp tech selloff on Wall Street Tuesday and renewed concerns about US economy.
Meanwhile, Caixin Service PMI in China came in less than expected in August despite the summer travel peak. In Hong Kong, private sector activity last month remained weak, shrinking for the 4th month due to falls in output, new orders, and buying levels.
All sectors retreated, with an index tracking Hong Kong-listed energy shares tumbling over 4% as oil prices extended Tuesday's slump on global growth fears, along with signs that the political dispute in Libya may be resolved and the country's oil exports could resume. Oil giant CNOOC plunged (-6.4%), as did Petro China (-6.1%), ENN Energy Hlds. (-1.7%), and Kunlun Energy Hlds. (-1.2%). Steep losses were also seen for Swire Properties (-6.7%), China Unicom (-5.3%), and Cathay Pacific Airways (-3.1%).
Sumber : Trading Economics
