Hong Kong stocks slump after credit downgrade

Pedestrians walk past a stocks display panel showing activity of the Hang Seng Index in Hong Kong September 4, 2019. — AFP pic
Pedestrians walk past a stocks display panel showing activity of the Hang Seng Index in Hong Kong September 4, 2019. — AFP pic

HONG KONG, Jan 21 — Hong Kong shares plunged today after Moody’s downgraded the city’s credit rating, while tourism-linked firms were hit by fears over a SARS-like virus that has spread from China to other countries.

The Hang Seng index tumbled 2.81 per cent, or 810.58 points, to close at 27,985.33.

The benchmark Shanghai Composite Index fell 1.41 per cent, or 43.65 points, to 3,052.14 and the Shenzhen Composite Index, which tracks stocks on China’s second exchange, lost 1.28 per cent, or 23.42 points, to end at 1,806.54. — AFP

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