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Hong Kong: Stocks fall more than 2%; energy, insurance sectors weak
[HONG KONG] Hong Kong shares tumbled more than 2 per cent on Wednesday led by energy firms as oil prices declined and insurance heavyweights, after Beijing imposed limits on purchases of insurance products in the city by mainlanders using bank cards.
The Hang Seng Index fell 2.3 per cent, to 18,991.59, while the China Enterprises Index lost 2.5 per cent, to 7,858.31 points.
In its latest move to curb outflows, China was putting a limit on purchases of insurance products in Hong Kong using the country's ubiquitous UnionPay credit and debit cards, two sources told Reuters on Wednesday.
The news hit Hong Kong-listed insurers including index heavyweight AIA.