Hong Kong’s Stock Market Slump Was Not as Painful as Feared [Yahoo! Finance News]
China Southern Airlines Company Limited (ZNH)
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Source: Yahoo! Finance News
) -- It could have been a lot worse for Hong Kong’s big market reopen as investors sought to gauge the widening impact of the coronavirus on China’s economy. The Hang Seng Index fell as much as 3% Wednesday on the first day of trading after the Lunar New Year. Though that was briefly its worst slide on a closing basis since October 2018, the index steadied to end the day 2.8% lower -- matching its loss from Jan. 21. Meanwhile, the offshore yuan strengthened 0.1% to 6.9587 per dollar. While the stock declines were steep -- especially for landlords, travel firms and casinos -- they were by no means unusual for a market that’s been walloped by trade tensions and violent protests in the past year. Before today, the Hang Seng Index had on 20 occasions closed at least 1.5% lower since the start of 2019, compared to just 10 times for the Index. A 6.5% loss in FTSE China A50 Index futures since Friday had also set traders up for a more painful reopen. Airlines Scramble to Cancel China Flight
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