Hang Seng Index Was Under Pressure on Bad Economic outlook
Hang Seng index fell more than 2% on the increase of jobless rate, the downgrade of credit rating and the decline of U.S. Futures............
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Asian markets were having a mixed day today with the Hang Seng Index slipping 0.38% in weak turnover with a fall in insurers offsetting a slight rebound in energy counters.
Insurance stocks had posted strong gains earlier in the quarter on hopes that rising interest rates in China would boost investment incomes, but with growing concern over hot money inflows dampening expectations of many interest rate increases, insurance stocks were subject to profit-taking.
Ping An Insurance Co of China Ltd (2318.HK) was down 3.4%, making it the benchmark’s worst performer on the day.
The Shanghai Composite Index rose slightly, helped by gains in coal and oil majors and with the food and beverages sector seeing buying interest ahead of the holiday season.
Coal companies extended recent gains, led by China Shenhua Energy Co Ltd (601088), the world’s most valuable coal producer, which rose 1.5% after saying it would build a railway for $2 billion.
The newly listed food distributor Yonghui Superstores Co Ltd (601933) jumped 8.1%. The fresh meat retailer had surged nearly 35% on its trading debut on Wednesday.
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