The rising number of bird flu cases on the mainland spooked the Hong Kong market Friday.
Re-opening from Thursday’s holiday, the market’s Hang Seng index plunged 2.7% in increased turnover, crashing through the heretofore solid support level of 22,000. The index closed at 21,727, while the index of Chinese companies plummeted 3.1% to 10,429.
Airlines were particularly hard hit in a broad-based decline, according to KGI Resources. China Air (AIRYY) tumbled almost 10%.
Hong Kong Blue Chips: -611, -2.7, to 21,727, 4-5-13, Hang Seng Index.
Chinese Stocks in Hong Kong: -329, -3.1%, to 10,429, 4-5-13, HSCE Index.
Shanghai Stocks: -2, -0.1%, to 2,225, 4-3-13, Shanghai Composite Index. Closed for holiday.
Chinese Stocks in the U.S.: +0.5, 364.5, 4-4-13, Bank of New York Mellon, ADR Index-China
Quotable: “Overall technical outlook of HSI was weak but short-term rebound will continue.” Core Pacific Yamaichi. 4-5-13
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For a list of Chinese companies sold in the U.S. and information on each company go to http://www.adrbnymellon.com/dr_country_profile.jsp?country=CN