The Hang Seng Index Suffers Biggest Drop in 26 Months
The Hang Seng Index (HSI) suffered its worst drop on Monday in 26 months amid the worldwide sell-off of stocks.
The HSI tumbled nearly 5% to 21,696.13 points, which marks its biggest drop since February 2018. One of the biggest losers in Hong Kong was the power tool provider Techtronic Industries Company Ltd., (HKEX: 0669) which tumbled 13% to HK$42.45 per share. The global consumer electronics company Vtech Holdings Ltd. (HKEX: 0303) plunged 11% to HK$54.70 per share.
Quick service restaurant operator Cafe de Coral Holdings Ltd. (HKEX: 0341) plummeted nearly 10% at HK$13.10 per share and the food and beverage distributor Vitasoy International Holdings Ltd. (HKEX: 0345) tanked more than 8% to HK$24.75 per share.
According to Reuters, the IT industry sank 4%, the financial sector inched 4% lower and the property industry plummeted 6% in Hong Kong.
One of the few gainers on the HSI was Hong Kong Television Network Ltd., (HKEX: 1137) which rose nearly 3% to HK$4.25 per share.
The SSE Composite and the Hang Seng China Enterprises indexes (HSCE) were also victims of Monday's sell-off. The HSCE fell 4% at 8,751.76 points, while the SSE slipped 3% to 2,660.17 points.
By midday Monday in New York, the Dow Jones was down 4% at 18,336.88 points, while the S&P 500 slipped 4% to 2,20.26 points.
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