Hong Kong market drops, extending global sell-off

The Hong Kong stock market declined more than ten weeks low on Monday, 14 December 2015, extending a global equities sell-off, as investors feel the pinch from the commodities rout and worry about the fallout from an expected US Federal Reserve policy rate hike. The losses were widespread, with the big banks, energy, and material stocks among the hardest hit. The benchmark index opened down 400 points at 21,063. Within first five minutes, it dropped to an intra-day low of 21,010. But the firmer mainland equity markets helped the local market to trim losses late afternoon. The benchmark Hang Seng Index declined 154.20 points, or 0.72%, to 21309.85 points, a lowest level since September 30, 2015, when the benchmark's closed at 20846.30 points. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, rose 7.91 points, or 0.08%, to 9315.91 points. Turnover marginally increased to HK$77.49 billion from HK$68.39 billion on Friday.

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