Hong Kong's benchmark Hang Seng index closes in bear market territory
Publishing timestamp: 2023-08-18 06:00:05
Summary
The Hong Kong Hang Seng index closed in bear market territory, down 2.1% in Friday's session and more than 20% below its January highs. The uncertainty surrounding China's property market and growth prospects, as well as news of Evergrande filing for bankruptcy protection in the US, contributed to the market decline. Other major companies such as Tencent, Alibaba, and HSBC also closed in the red. The filing by Evergrande and the suspension of bond payments by Country Garden have raised concerns about contagion in the Chinese property sector. JPMorgan has raised its forecast for emerging markets corporate high-yield defaults due to these contagion fears.
Sentiment: NEGATIVE
Tickers: 3333-HK, .HSI, 5-HK, HSBA-GB, 2007-HK, 700-HK, BABA,
Keywords: business news, markets, tencent holdings ltd, hsbc holdings plc, alibaba group holding ltd, country garden holdings co ltd, hang seng index, breaking news: asia,