Hong Kong: Shares tumble on worst trading day since February
[HONG KONG] Hong Kong's benchmark share indexes suffered their worst-single day losses since February on Monday as weak manufacturing surveys added to worries about China's slowing economy.
The Hang Seng index fell 2.6 per cent, to 23,367.45 points in a broad-based decline, while the China Enterprises Index lost 2.9 per cent, to 10,818.20 points.
The index measuring price differences between dual-listed companies in Shanghai and Hong Kong was 110.01, its highest level since July 2013.
A value above 100 indicates Shanghai shares are pricing at a premium to shares in the same company trading in Hong Kong, and vice versa, and part of the reason is unbalanced flows across the Hong Kong-Shanghai mutual market access programme.
Chinese investment flowing from Shanghai into Hong Kong through the mutual market access pilot programme took up only 0.28 billion yuan of the 10.5 billion yuan daily quota , compared to 1.4 billion yuan in the other direction.
REUTERS
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