Hong Kong's Hang Seng Index plunged as much as 15 percent, the most since the 1989 Tiananmen Square crackdown, on mounting concern the global credit crisis will ravage the city's exports and financial services.
Industrial & Commercial Bank of China Ltd. tumbled 11 percent, leading declines among financial stocks, after its profit growth slowed and as money-market rates jumped. Aluminum Corp. of China Ltd. sank 13 percent after third-quarter profit slumped. Hong Kong's monetary authority pumped 1 billion into the banking system today to prevent the city's currency from strengthening beyond its fixed rate of exchange to the dollar.
The Hang Seng Index today plunged 1,602.54, or 12.7 percent, to 11,015.84, the biggest decline since Oct. 28, 1997. It tumbled as much as 15.4 percent in the afternoon session, which would have been the largest drop since June 1989, when the Chinese government used military force to clear pro-democracy demonstrators in Beijing.
http://www.bloomberg.com/apps/news?pid=206...mp;refer=stocks
Full Version: Heng Seng index sank as much as 15% today
QUOTE(lite @ Oct 27 2008, 03:17 AM) [snapback]3984443[/snapback]
Hong Kong's Hang Seng Index plunged as much as 15 percent, the most since the 1989 Tiananmen Square crackdown, on mounting concern the global credit crisis will ravage the city's exports and financial services.
Industrial & Commercial Bank of China Ltd. tumbled 11 percent, leading declines among financial stocks, after its profit growth slowed and as money-market rates jumped. Aluminum Corp. of China Ltd. sank 13 percent after third-quarter profit slumped. Hong Kong's monetary authority pumped 1 billion into the banking system today to prevent the city's currency from strengthening beyond its fixed rate of exchange to the dollar.
The Hang Seng Index today plunged 1,602.54, or 12.7 percent, to 11,015.84, the biggest decline since Oct. 28, 1997. It tumbled as much as 15.4 percent in the afternoon session, which would have been the largest drop since June 1989, when the Chinese government used military force to clear pro-democracy demonstrators in Beijing.
http://www.bloomberg.com/apps/news?pid=206...mp;refer=stocks
Industrial & Commercial Bank of China Ltd. tumbled 11 percent, leading declines among financial stocks, after its profit growth slowed and as money-market rates jumped. Aluminum Corp. of China Ltd. sank 13 percent after third-quarter profit slumped. Hong Kong's monetary authority pumped 1 billion into the banking system today to prevent the city's currency from strengthening beyond its fixed rate of exchange to the dollar.
The Hang Seng Index today plunged 1,602.54, or 12.7 percent, to 11,015.84, the biggest decline since Oct. 28, 1997. It tumbled as much as 15.4 percent in the afternoon session, which would have been the largest drop since June 1989, when the Chinese government used military force to clear pro-democracy demonstrators in Beijing.
http://www.bloomberg.com/apps/news?pid=206...mp;refer=stocks
At least it is still above 10,000 points, if it drops below that
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