Update | Hong Kong stocks close below 30,000 as Shanghai shares fall most in a year
More than 2,800 stocks fall in the A-share market amid stricter financial rules
Hong Kong stocks pulled back from a 10-year high on Thursday to close below the 30,000 mark, after Shanghai shares dropped the most in a year amid concerns about tightening scrutiny of internet financing, with more than 2,800 shares falling.
The Hang Seng Index ended down 1 per cent, or 295.55 points, at 29,707.94, halting a five-day bull run. On Wednesday, it jumped above the 30,000 level for the first time in a decade.
The Hang Seng China Enterprises Index, known as the H-share index, fell 1.9 per cent to 11,737.06.
Daily turnover decreased 13 per cent to HK$136 billion (US$17.5 billion), from Wednesday’s HK$157 billion.
“Hong Kong stocks may consolidate around the 30,000 level,” said Louie Shum, chief executive officer of Sincere Securities. “The A share market declined today because of concerns surrounding tighter regulations towards internet financing.”
Tencent Holdings, which has the biggest weighting on the Hang Seng Index, was responsible for the loss of 63 points. The stock fell 1.7 per cent to HK$419.6.
Ping An Insurance tumbled 3.8 per cent to HK$80.9, dragging the index lower by 53 points.
