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A number of stock market crashes have occurred in the Hong Kong stock market since the 1960s: . 1960s. Stock disaster in 1965 (Canton Trust Bank run)Stock disaster in 1967 (Hong Kong 1967 Leftist riots)
The crash started overnight in Asia as Hong Kong's Hang Seng Index fell 6%, although the most widely watched Asian market, Japan's Nikkei 225, only fell 2% on the day.The losses spread to the European markets, where London's FTSE 100 Index fell 98.90 points, or just about 2%, to 4,871.30.
Ho Sin Hang, chairman of the Hang Seng Bank, conceived the idea of creating the Hang Seng Index as a "Dow Jones Index for Hong Kong". [4] [5] Along with Hang Seng Director Lee Quo-wei, he commissioned Hang Seng's head of Research Stanley Kwan to create the index in 1964, [4] the index was initially used for internal reference in the Hang Seng Bank, they debuted the index on November 24, 1969.
In Asia, Hong Kong’s Hang Seng fell 0.9%, while South Korea’s Kospi gained 1.1%. ... WATCH: Weathering causes massive chunk of concrete to fall in Boston tunnel. Weather. Fox Weather.
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Hong Kong’s Hang Seng jumped 4% for one of the world’s largest moves,, boosted by a surge for e-commerce firm Alibaba, which reported stronger profit for the end of last year than expected.
By November 2022, the Hang Seng was down 36% year-to-date, one of the worst performances among major stock market indices. The decline was exacerbated when Xi Jinping won a third-time and investors feared that he would prioritize state-owned firms over private companies. [22]
On 19 November 2021, it was announced that Hong Kong's Hang Seng China Enterprises Index delisted Evergrande Group. [48] Reasons why companies are delisted are typically not given by the index. Any delisting is likely due to the poor performance of the company since the crisis began.