Hong Kong's Hang Seng Index tumbled the most since the Sept. 11, 2001, terrorist attacks after Chinese Premier Wen Jiabao said his government may delay allowing mainland investors to buy Hong Kong stocks.China Mobile Ltd. had the biggest decline in five years, while China Unicom Ltd. plunged 8.3 percent. PetroChina Co., China's largest oil explorer, dropped the most in almost seven years even as its shares rallied in their first day of trading in Shanghai.
The second straight day of declines halted a 49 percent rally in the Hang Seng that began Aug. 20 when China's currency regulator said mainland investors would be allowed to invest in Hong Kong. Premier Jiabao said on Nov. 3 that the government needed more time to assess the risks to the stability of the city's financial system.
"I expect a significant correction in the Hong Kong market over the next few weeks,'' said Aaron Boesky, who manages $200 million as chief executive officer at Marco Polo Investments Ltd. in Hong Kong.
The Hang Seng Index plunged 1,526.02, or 5 percent, to close at 28,942.32, its steepest decline since September 2001 and the largest fluctuation among markets included in global benchmarks. The Hang Seng China Enterprises Index, which tracks 43 so-called H shares of Chinese companies listed in Hong Kong, lost 6.4 percent to 18,291.20, the biggest decline since May 2004.
source: bloomberg
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