Monday, 26 July 2021 06:29

Stocks in Hong Kong plummet, Hang Seng loses more than 4% Featured




SYDNEY, NSW, Australia — In Hong Kong stocks tumbled on Monday, with the benchmark Hang Seng index shedding more than a thousand points.

Sharemarkets in China were also under pressure as tightening regulations pulled the rug from the feet of investors.

"We believe China’s economy, and specifically its financial system will face significant risks in coming months due to the unprecedented tightening measures applied to the property sector," economists at Nomura warned in a note according to Reuters Thomson Monday.

China’s Shanghai Composite dived 82.96 points or 2.34 percent to 3,467.44.

The big action however was in Hong Kong where the Hang Seng lost 1,117.36 points or 4.09 percent to close Monday at 26,204.62.

In Japan the Nikkei 225 went against the trend, rising 285.29 points or 1.04 percent to 27,833.29.

The Australian share market was flat with the All Ordinaries up just 2.20 points or 0.03 percent at 7,673.10.

The U.S. dollar was mixed. The euro was little changed at 1.1775. The British pound inched down to 1.3748. The Japanese yen edged higher to 110.17. The Swiss franc was little changed at 0.9186.

The Canadian dollar softened to 1.2584. The Australian dollar weakened to 0.7335. The New Zealand dollar eased to 0.6954.