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Hong Kong: Share index sheds 0.9% as China tumble sours sentiment
[HONG KONG] Hong Kong stocks suffered their biggest loss in two weeks on Wednesday, falling roughly 1 per cent, as a sharp sell-off in mainland China markets soured investor sentiment.
The Hang Seng index fell 0.9 per cent, to 21,236.31, while the China Enterprises Index lost 1.2 per cent, to 9,134.42 points.
The market was relatively calm in early morning trade after overnight gains in US and Eruopean stocks But key indexes were then dragged lower by the Shanghai market, which posted its worst performance in eight weeks on Wednesday.
All main sectors fell in Hong Kong, with energy and utility sectors among the biggest decliners.
Index heavyweight Tencent Holdings Ltd, fell 1.9 per cent. Its founder Pony Ma said he plans to donate 100 million company shares, worth more than US$2 billion, to a new charity fund in one of China's biggest philanthropic pledges.