Hong Kong stocks plunge over 3 pct, tracking Wall Street

Source: Xinhua| 2018-10-11 19:58:19|Editor: Li Xia
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HONG KONG, Oct. 11 (Xinhua) -- Hong Kong stocks shed 926.70 points, or 3.54 percent, to close at 25,266.37 points on Thursday, tracking loss on Wall Street overnight.

The benchmark Hang Seng Index lost 800.17 points, or 3.05 percent, to open at 25,392.9 points. Turnover was 139.74 billion HK dollars (17.83 billion U.S. dollars).

Heavyweight Tencent dropped over 6 percent, China Mobile lost 2.7 percent, HSBC Holdings fell almost 2 percent.

Analysts believed that such a market adjustment would put pressure on the global market anytime soon.

Cheng Shi, chief economist of ICBC International Research Limited, said that global finance market is at a situation of risk release, while investors tend to avoid risks, leading to a plunge in stocks markets.

Wall Street stocks plummeted on Wednesday evening, when major indices dropping more than 3 percent, the biggest single-day drop since February.

Jason Chan, deputy head of Bright Smart Securities's research department, said that volatility index has risen to 44 percent, the highest within six months, which explained the spur of risk aversion sentiment of investors.

Cheng asked investors to be cautious and prudent amid the adjustment of Wall Street, and be prepared of downside risks. (7.83 HK dollars = 1 U.S. dollar)