Hong Kong market plunge 2.4%

China's devaluation of the yuan for second straight day dragged the Hong Kong stock market to a near five-week low on Wednesday, 12 August 2015. The China's central bank set its daily reference rate 1.6% down against the U.S. dollar today after setting the rate 1.9% lower the previous day, a move it billed as a free-market reform but that some suspect could be the beginning of a longer slide in the exchange rate. The Hang Seng Index ended 582.19 points, or 2.38%, lower at 23916.02 points. Chinese airlines stocks dropped the most amid heightening concerns about the cost of servicing dollar-based debt, followed by financial and property shares. The Hang Seng China Enterprises Index, benchmark measure of performance of mainland China enterprises, dropped 221.85 points, or 1.97%, to 11042.79 points. Turnover increased to HK$103 billion from HK$96 billion on Tuesday.

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