HSI hits 4-month low
06-03-2009
Hong Kong share prices have closed 2.4 percent lower, as HSBC's problems dragged the Hang Seng index below the 12,000 level for the first time since last October. It fell 289 points to 11,921. The index ended the week down 6.9 percent from last Friday. Weakness in regional markets following Wall Street's plunge hit local sentiment, while Bank of East Asia underperformed the broader market amid concerns over a management reshuffle. Dealer say the Hang Seng is likely to retest its October trough of 10,676 in the medium term amid the gloom over the global economy, The Nikkei Index in Tokyo ended 3.5 percent lower, and the Shanghai Composite Index closed down 1.3 percent. "Sell-off pressure is not expected to end soon, as the outlook over Wall Street and regional markets remains bearish," said DBS director Peter Lai.
