HSBC falls 5 percent after price cut
Shares of HSBC fell more than 5 percent to a five-year low on Friday after Morgan Stanley cut its target price amid a negative outlook for emerging markets growth.
British Chambers of Commerce calls for rate cutHSBC's shares fell to as low as HK$95.55, lagging a 3.7 percent drop in the benchmark Hang Seng Index .HSI. The stock ended at HK$100.6 on Thursday.
Morgan Stanley cut HSBC's target price to HK$75 (6 pounds) from HK$100 (8 pounds) and revised down the bank's earnings estimates by 3 percent for 2008 amid weakening Hong Kong revenues and increased bad debts throughout Asia.
Shares in HSBC have dropped 27 percent so far this year, outperforming a more than 50 percent slide in the benchmark index.
Shares of Standard Chartered slid about 5.6 percent to as low as HK$115 after Morgan Stanley cut its target price to HK$125 from HK$250. It lowered its earnings estimates by 14 percent for 2008 amid slower revenue growth and an increase in bad debts in Asia.
(Reporting by Donny Kwok; Editing by Anne Marie Roantree)
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