P.M. BRIEFING : Hong Kong Market Plunges 8.5%
The jittery stock market in Hong Kong plunged 8.5% today, closing sharply lower amid renewed market fears that blood may flow in Beijing.
The major sell-off was the fourth tumble in five trading days.
Hong Kong’s main stocks indicator slipped 256.22 points to close at 2,752.51, despite rebounding to recoup some of its initial loss of more than 300 points.
But the other Asian markets were not deeply concerned with the Chinese leadership crisis.
“Hong Kong is famous for its overreactions,” said Stephen Marcon of Peregrine Securities. “But people here are nervous. The Western World doesn’t seem to realize how susceptible Hong Kong is to the PRC (People’s Republic of China.)”
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