Hong Kong stocks set for biggest drop in 6 months on China concerns

jueves 11 de febrero de 2016 00:38 GYT
 

* China-related counters fall most

* Financials hurt on economic concerns

* Volumes low as markets open after long break

By Saikat Chatterjee

HONG KONG, Feb 11 (Reuters) - Hong Kong's stocks are set for their biggest daily drop in six months on Thursday, as worries about the health of the global economy, particularly China, sparked a sell-off in financials and energy shares.

Reopening after a three-day break, the benchmark index fell 4 percent in late morning trade, catching up with its global peers with China-related stocks and banks being singled out for special punishment.

The China-enterprises index fell 5 percent, its worst single-day performance since Aug. 24, 2015 and was the top loser in Hong Kong as some investors preferred to execute their bearish China calls through the liquid Hong Kong market.

Technology shares also took a beating, mirroring its global counterparts, as investors were spooked by the fragility of the global economy and lenders' exposure to commodities.

"I think this is going to be a difficult year for investors and even a fledgling U.S. economic recovery looks to be snuffed out by global markets developments," said Nitin Dialdas, chief investment officer at Mandarin Capital in Hong Kong.   Continuación...