Hong Kong stocks fell on Monday to the lowest closing level in about two months, amid growing concerns about China’s economy after comments from the finance minister suggested no major stimulus measures would be announced despite a slowdown.
The Nikkei 225 in Tokyo fell back 115.27 points, or 0.7%, to 16,205.90, retreating from the seven-year high the market hit on Friday.
The yen weakened slightly to ¥109.079 against the U.S. dollar, compared with ¥109.047 in the previous session.
In Hong Kong, the Hang Seng Index plummeted 350.67 points, or 1.4%, to 23,955.49, its lowest close since late July.
Among Monday’s market movers in Hong Kong, Chinese online major Tencent Holdings dropped 3.3%, leading property developer China Resources Land Ltd. lost 3.1%, state-owned energy giant PetroChina Co. Ltd. declined 2.5%, index heavyweight China Mobile Ltd. fell 1.7%, and Industrial and Commercial Bank of China Ltd. the country’s largest bank by assets, dropped 1.4%.
CHINA
Shanghai’s CSI 300 index dipped 46.29 points, or 1.9%, to 2,378.92
Finance Minister Lou Jiwei over the weekend said at a G-20 meeting that Chinese economy is facing downward pressure. But the nation won’t "make major policy adjustments" due to changes in any individual economic indicator, according to a statement on the website of the
People’s Bank of China.
A recent report by Reuters quoted sources as saying that the Chinese government might cut the growth target in 2015, while a major stimulus move is unlikely.
HSBC on Thursday is scheduled to release its preliminary read on China’s manufacturing activity for September. In August, the HSBC China Purchasing Managers’ Index retreated to a three-month low of 50.2 as domestic demand declined further.
In other markets;
In Korea, the Kospi index ducked back 14.55 points, or 0.7%, to 2,039.27
The Taiex index in Taiwan hurtled lower 105.80 points, or 1.1%, to 9,134.65
In Singapore, the Straits Times STI Index eased 8.48 points, or 0.3%, to 3,296.57
In New Zealand, the NZX 50 moved higher 54.95 points, or 1.1%, to 5,236.29
Australia’s S&P/ASX 200 slid 70.10 points, or 1.3%, to 5,362.96
