Tracking losses in the U.S. markets, Hong Kong stocks on Wednesday tumbled after China’s consumer inflation and wholesale deflation both eased in June.
Japan’s Nikkei 225 index slid 11.76 points, or 0.1%, to 15,302.65
The Hang Seng Index in Hong Kong plummeted 365.61 points, or 1.6%, to 23,176.07, falling the most since June 24. It logged the lowest closing level in about two weeks, dragged down by banks and tech stocks.
Bank of China, one of the country’s biggest state-owned banks, led the broad decline in the banking sector with a solid 2.8% loss, after China’s state broadcaster CCTV accused the bank of assisting in money-laundering and fraudulent transactions.
Chinese Internet giant Tencent Holdings was also a main drag on the benchmark index, sliding 3.3%. Online game developer Baioo Family Interactive sank 6%.
CHINA
China’s consumer price index rose 2.3% in June from a year ago moderating from a 2.5% year-over-year increase in May and slightly below than the 2.4% gain projected in separate surveys of economists. Meanwhile, the producer-price index dropped 1.1% from a year earlier, compared with a 1.4% decline in May.
The Shanghai CSI 300 faded 31.76 points, or 1.5%, to 2,148.71
In other markets;
In Korea, the Kospi index dropped 6.16 points, or 0.3%, to 2,000.50
Singapore’s Straits Times Index withered 7.88 points, or 0.2%, to 3,275.46
In Taiwan, the Taiex index fell 41 points, or 0.4%, to 9,489.98
In New Zealand, the NZX 50 skidded 43.33 points, or 0.8%, to 5,122.74
Australia’s S&P/ASX 200 dipped 58.46 points, or 1.1%, to 5,452.48
