Hong Kong stocks join global selloff on oil crash, virus worries

Guangdong Investment

09/03/2020 08:46

* HK->Shanghai Connect daily quota used -16.7%, Shanghai->HK
daily
quota used 14%
    * HSI -4.2%, HSCE -4.5%, CSI300 -3.4%
    * FTSE China A50 -3.0%

    March 9 (Reuters) - Hong Kong stocks tumbled on Monday,
posting their steepest daily fall in more than two years, as
fears over the economic impact of the global coronavirus
epidemic were exacerbated by a crash in oil prices that battered
financial markets around the world.
    ** The Hang Seng index  .HSI  fell 4.2%, to 25,040.46, while
the China Enterprises Index  .HSCE  lost 4.5%, to 9,984.44
points.   
    ** Both indexes marked their biggest daily fall since Feb,
2018. 
    ** Stocks fell across the board, dragged down by energy
companies. The Hang Seng energy subindex  .HSCIE  crashed 10.9%,
logging its worst session since late 2008.  
    ** The day's retreat came amid a sharp selloff in other
world markets. 
    ** Global share markets plunged on Monday as panicked
investors fled to the safety of bonds and the yen to hedge the
economic trauma of the coronavirus, while oil plunged more than
30% after Saudi Arabia opened the taps in a price war with
Russia.   
    ** Saudi Arabia had stunned markets with plans to raise its
production significantly after the collapse of OPEC's supply cut
agreement with Russia, a grab for market share reminiscent of a
drive in 2014 that sent prices down by about two thirds. 
    ** Virus worries also persisted as more than 110,000 people
have been infected across the world as the outbreak reached more
countries and caused more economic damage.  urn:newsml:reuters.com:*:nL8N2AB5TN
    ** The top gainer on the Hang Seng was Link Real Estate
Investment Trust  0823.HK , which gained 0.07%, while the
biggest loser was CNOOC Ltd  0883.HK , which fell 17.23%.
    ** Around the region, MSCI's Asia ex-Japan stock index
 .MIAPJ0000PUS  was weaker by 4.98%, while Japan's Nikkei index
 .N225  closed down 5.07%.
    ** The yuan  CNY=CFXS  was quoted at 6.9515 per U.S. dollar
by 08:23 GMT, 0.25% weaker than the previous close of 6.9342. 
    ** At close, China's A-shares were trading at a premium of
31.44% over Hong Kong-listed H-shares.

 (Reporting by the Shanghai Newsroom; Editing by Shailesh Kuber)
 ((luoyan.liu@thomsonreuters.com; Reuters Messaging:
luoyan.liu.thomsonreuters.com@reuters.net))