Hong Kong Stocks Record Biggest Losses Since March
Dow Jones
Oct 02
0922 GMT - Hong Kong stocks ended lower, weighed by financial stocks. Hong Kong's benchmark Hang Seng Index ended 2.6% lower at 23972.29, marking its largest daily-percentage loss since March. HSBC Holdings ended 5.4% lower amid fears that the U.K. will raise taxes on the banking industry. Analysts reckon that gains in Asian government bond yields, after 10-year U.S. Treasury yields hit multiyear highs earlier this week, also weighed on Hong Kong's financial stocks. Meanwhile, the closure of the city's market Thursday for a holiday likely exacerbated Friday's losses. The absence of Chinese buyers, as mainland China's markets are shut for the Golden Week holiday until Oct. 8, could also be a factor.
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