Hong Kong Stocks Enter Bear Market After Falling From April Peak
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Hong Kong stocks entered a bear market as a rout in global equities deepened and the weakest Chinese manufacturing data since the financial crisis added to concerns about the world economy.
The Hang Seng Index sank 1.5 percent to 22,409.62 on Friday, taking its decline from an April 28 peak to 21 percent and sending the gauge to its lowest close since May 2014. The Hang Seng China Enterprises Index of mainland shares listed in the city lost 2 percent, while the Hang Seng Properties Index posted a 13th daily drop, the longest stretch on record, raising concern the city’s real estate market is overvalued.