Hong Kong Stocks Tumble on Concerns of Economic Outlook

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Last updated at: (Beijing Time) Saturday, September 14, 2002

Hong Kong Stocks Tumble on Concerns of Economic Outlook

Hong Kong stocks closed lower Friday following the overnight losses on Wall Street amid concerns of the economic outlook dampened by the speech of US Federal Reserve Chairman Alan Greenspan.

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Hong Kong stocks closed lower Friday following the overnight losses on Wall Street amid concerns of the economic outlook dampened by the speech of US Federal Reserve Chairman Alan Greenspan.

The benchmark Hang Seng Index tumbled 245.36 points, or 2.48 percent, to close at 9,650.97, after rebounding from a year low of9,609.77 during the trading.

The turnover was 6.417 billion HK dollars (823 million US dollars).

Following the downward of overseas markets, the Hong Kong stocks opened down 122.71 points at 9,773.62 and continued to go down due to the selling pressure.

The possible war attacks against Iraq by the United States alsoadded fear among investors, dealers said.

All the four sub-indices of Finance, Utilities, Properties and Commerce & Industry declined 2.19 percent, 1.02 percent, 3.06 percent and 2.80 percent, respectively.

Affected by the losses of European telecom shares, PCCW hit a new low of 1.18 HK dollars (15 US cents) after merger. China Telecom shed 2.2 percent, losing the support level of 20 HK dollars (1.56 US dollars). Its rival China Unicom slumped even further and dropped 4.5 percent.

China-related shares ended lower with Hang Seng China Enterprises Index decreasing 1.43 percent and Hang Seng China-Affiliated Corporations Index diving 2.74 percent.

The technology heavy GEM index went down 2.08 points, or 1.55 percent, to close at 132.36.

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