Hong Kong stocks drop for second day as financials drag

viernes 12 de febrero de 2016 00:47 GYT
 

* HSI -0.5 pct; HSCE -0.8 pct

* Financial shares sink, hit by global sell-off in banks

* Volume remains thin in holiday-shortened week

By Saikat Chatterjee

HONG KONG, Feb 12 (Reuters) - Hong Kong's stocks fell for a second consecutive day on Friday, led by financials, as a global sell-off in bank shares gathered steam while concerns about the health of the global economy dragged shares in conglomerates and utilities lower.

The benchmark index was down 0.53 percent at 18,447.14 by the end of the morning session. The China-enterprises index was down 0.8 percent at 7,596.87.

In a holiday-shortened week, the city's benchmark index is set to post its worst two-day performance in three weeks, losing 4.5 percent in value, as investors worried about the prospects of the Chinese economy.

Hong Kong's financials sub-index, fell more than 1.5 percent on the day with shares in insurer AIA, Ping An and HSBC leading losers.

"We have been hit by a steady spate of bad news since the year began and I think the markets will remain in a state of flux in the near term until we see global bank shares stabilising," said Francois Perrin, portfolio manager for East Capital Asia in Hong Kong.   Continuación...