Hang Seng crashes 8.3 percent to four-year low

October 24th, 2008 - 6:34 pm ICT by IANS  

Hong Kong, Oct 24 (DPA) Hong Kong’s benchmark Hang Seng Index slumped 8.3 percent Friday to plunge below 13,000 points, closing at 12,618.38, its lowest level in four years.The index shed 1,142 points and in October lost more than 30 percent of its value so far.

Turnover was 56.14 billion Hong Kong dollars ($7.2 billion).

Analysts blamed concerns about corporate earnings and wider global economic woes for the drop.

Among the biggest losers were HSBC and Standard Chartered, two of the territory’s largest banks, dragged down by worries about the banks’ investments in emerging economies.

HSBC saw its share price crash 12.5 percent to end the day at 88 Hong Kong dollars.

Shares in Standard Chartered bank fell 13.46 percent to finish at 105.4 Hong Kong dollars, the lowest level for five years, after investment house Morgan Stanley cut its target price for the stock to 125 Hong Kong dollars from 250 Hong Kong dollars.

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