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HSBC dives more than 10 percent
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Posted 27 October 2008 @ 09:14 am GMT
Shares in blue-chip heavyweight HSBC plunged more than 10 percent to a six-year low on Monday, joining a global equities sell-off on fears of the impact of a global recession on corporate profits.
Oil falls from record above $100The stock fell HK$9 to HK$79.
"It was a nightmare for HSBC to plunge below HK$80," said Francis Lun, general manager from Fulbright Securities.
"A dive in Japanese and the mainland stocks triggered the sell-off in local stocks," he added.
The blue-chip Hang Seng Index fell 8.6 percent in afternoon trade.
(Reporting by Alison Leung; Editing by Anne Marie Roantree)
Copyright 2008 Reuters. All rights reserved. This material may not be published, broadcast, rewritten or redistributed.
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