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Hong Kong shares end down 2.2 pct, Chinese banks sink

Source : REUTERS
Last Updated: Mon, Jun 24, 2013 08:20 hrs

HONG KONG, June 24 (Reuters) - Hong Kong shares dived on Monday, rocked by steep losses in mainland markets with Chinese financials hammered on fears that the central bank would keep money tight and economic growth could slow sharply.

The Hang Seng Index, dropping for a fourth straight day, ended down 2.2 percent at 19,814 points. The China Enterprises Index of the top Chinese listings in Hong Kong sank 3.2 percent to its lowest since October 2011.

The CSI300 of the leading Shanghai and Shenzhen A-share listings ended down 6.3 percent at 2,171.2 points. The Shanghai Composite Index dived 5.3 percent. For both, Monday was the biggest daily loss since August 31, 2009.

HIGHLIGHTS:

* Losses on Monday took benchmark indexes below key chart supports, pointing to further weakness. The H-share index closed below technical support at September lows at about 8,990, a level that was also firm support in October 2011.

* Among the biggest losers were smaller Chinese banks seen as more reliant on short-term interbank funding. China Minsheng Bank plunged 8 percent, its worst day since October 2011. Industrial and Commercial Bank of China fared the worst among the "Big Four," sliding 3 percent.

* Warren Buffett-backed Chinese automaker BYD plunged 11 percent after CLSA analysts repeated their sell call. They see its share price down 80 percent from Monday's close, believing its new F3 sedan has been launched too late.




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