Hong Kong shares slump

September 29th, 2008 - 6:31 pm ICT by IANS  

Hong Kong, Sep 29 (DPA) Hong Kong shares slumped by more than four percent Monday as the bailout deal for the US economy failed to excite officials in the former British colony.The blue-chip Hang Seng Index shed 801.41 points, or 4.29 percent, to close at 17,880.68 points. Turnover was a weak 54.96 billion Hong Kong dollars ($7.07 billion).

The price falls mirrored regional losses and were led by property stocks which tumbled on worries over the housing market and an increase in mortgage rates by HSBC.

Earlier in the day, Hong Kong government officials gave a muted welcome to the $700 billion deal agreed in Washington early Monday.

Hong Kong’s financial secretary John Tsang said he hoped the rescue package could be implemented quickly so that it would stabilise not only the US economy but the global financial system.

But Hong Kong Monetary Authority chief executive Joseph Yam said he was unsure whether the deal would be enough to stabilise the world’s money markets.

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