Emerging stocks sink on Hong Kong stocks slump on first day of link
November 17, 2014 8:37 am
Emerging-market stocks declined after more than 80% of the Hong Kong shares quota were left unfilled in the first day of the Shanghai-Hong Kong link.
The MSCI Emerging Markets Index shed 0.2% to 988.75, 2:04 pm, Hong Kong time. The gauge is set to close at its lowest level since November 7. The debut of the Shanghai-Hong Kong trading link will give unprecedented access to mainland shares worth $4.1 trillion for foreign investors. Today, Hong Kong-traded Chinese shares were left more than 80% unfilled. Meanwhile, Japan was unexpectedly hit by a recession.
Seoul’s SK Hynix Inc. tumbled by 6.7% while Taiwan Semiconductor Manufacturing Co. was also a loser. The Shanghai Composite Index added 0.7% to 2,495.80 in the trading break in Shanghai. South Korea’s KOSPI Index is down by 0.08% or 1.16 points to 1,943.98. Hong Kong’s Hang Seng Index lost 0.5%. The CSI 300 Index added 0.7%. The Hang Seng China Enterprises Index or the H-share Index lost 1.9%
Fund manager at PT MNC Asset Management, Akbar Syarief, commented to Bloomberg that the Shanghai-Hong Kong connect was not as exciting as it had been anticipated prior to the establishment. Syarief adds that the concerns over global economic health is inclining once more.
The material has been provided by InstaForex Company – www.instaforex.com
Emerging-market stocks declined after more than 80% of the Hong Kong shares quota were left unfilled in the first day of the Shanghai-Hong Kong link.
The MSCI Emerging Markets Index shed 0.2% to 988.75, 2:04 pm, Hong Kong time. The gauge is set to close at its lowest level since November 7. The debut of the Shanghai-Hong Kong trading link will give unprecedented access to mainland shares worth $4.1 trillion for foreign investors. Today, Hong Kong-traded Chinese shares were left more than 80% unfilled. Meanwhile, Japan was unexpectedly hit by a recession.
Seoul’s SK Hynix Inc. tumbled by 6.7% while Taiwan Semiconductor Manufacturing Co. was also a loser. The Shanghai Composite Index added 0.7% to 2,495.80 in the trading break in Shanghai. South Korea’s KOSPI Index is down by 0.08% or 1.16 points to 1,943.98. Hong Kong’s Hang Seng Index lost 0.5%. The CSI 300 Index added 0.7%. The Hang Seng China Enterprises Index or the H-share Index lost 1.9%
Fund manager at PT MNC Asset Management, Akbar Syarief, commented to Bloomberg that the Shanghai-Hong Kong connect was not as exciting as it had been anticipated prior to the establishment. Syarief adds that the concerns over global economic health is inclining once more.
The material has been provided by InstaForex Company – www.instaforex.com
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