Hong Kong ends rally as Shanghai continues to fall
Mainland stocks continued to plunge with Hong Kong also pulling back as investors locked-in gains and the government expressed concerns on the slow pace of growth in domestic consumption.
Vice-minister of commerce Fu ZiYing, yesterday told journalists: "It is proving difficult to boost domestic consumption to off-set the slump in overseas demand."
The Shanghai Composite Index fell 4.66 percent to its lowest close in four weeks. Losing shares outnumbered winners 847 to 86 with turnover rose to RMB157.1bn from yesterday's RMB122.2bn.
The Hang Seng Index fell 3 percent with turnover sharply up to HK$75bn from HK$66bn yesterday. Analysts expect pullback to last a few days. The China Enterprises Index, which representing top Hong Kong-listed mainland stocks, was down 2.8 percent.
Non-ferrous metals dropped the most, by an average of 6.79 percent on the mainland.
Jiangxi Copper (SH:600362, HK:0358) dropped 7.4 percent in Shanghai and 3.9 percent in Hong Kong. Chinalco (SH:601600, HK:2600) dropped 7 percent in Shanghai and 4.9 percent in Hong Kong. Henan Zhongfu (SH:600595) and Yunnan Aluminium (SH:000807) dropped to the daily limit of 10 percent.
Blue-chip heavyweights HSBC (HK:0005) and China Mobile (HK:0941) fell 4.7 percent and 3.8 percent respectively.
Hong Kong-listed Auto shares were amoung the worst performers. Great Wall Motor (HK:2333) dropped 11.2 percent. Denway Motors (HK:0203) dropped 6.8 percent.
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