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Chinese markets weak again on Banks

Wednesday, September 05 07:47:28

Hong Kong stocks fell for a fifth day in six today, with weakness spreading to more parts of the market including companies that posted encouraging first half earnings, underscoring fragile market confidence. The Chinese banking sector was weak on growing concerns over the quality of the assets it held. China Minsheng Bank sank to its lowest in 11 months after JP Morgan joined Credit Suisse in downgrading its outlook for the stock.

Mainland Chinese markets inched lower but were relative outperformers on the day, lifted by the property sector which climbed after local media reported Beijing is unlikely to unveil more curbs on the sector. The Shanghai Composite Index and the CSI300 Index of the top Shanghai and Shenzhen listings each slipped 0.1 percent at midday. The China Enterprises Index of the top Chinese listings in Hong Kong shed 1.5 percent.

The Hang Seng Index went into the lunch break down 1.1 percent at 19,211.3, but held above chart support at 19,162.3, the top end of the gap formed between a July 26 high and a low the following day. ( C) Reuters