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Hong Kong Shares Fall on Weak Yuan, Brexit Fears

Hong Kong Shares Fall on Weak Yuan, Brexit FearsHong Kong Shares Fall on Weak Yuan, Brexit Fears

Hong Kong stocks fell on Friday, tracking losses in Shanghai shares, on fears of further weakness in the yuan and worries that Britain’s decision to leave the European Union could destabilize one of China’s biggest export markets. The yuan has skidded to 5-1/2 year lows and slipped again against the dollar on Friday, fueling worries of a surge in capital outflows from China in coming months that could complicate the government’s efforts to stabiles the economy. The blue-chip Hang Seng Index fell 0.7% to 20,564.17 points, while the China Enterprises index lost 0.8 % to 8,534.79, Reuters reported. For the week, the benchmark blue-chip index ended the week down 1.1 %, while the Chinese companies index slid 2.0 %, ending two straight weeks of rallies.

 

Financialtribune.com