MSSN the Hang Seng

MSSN, the Hang Seng Index the standard barometer of Hong Kong’s market performance went south again falling nearly 500 points or down 104% from the opening bell A sudden spurt of second wind at the end of the day pulled the index ahead allowing it to close around three-quarters of a percentage point up but traders left the floor on Tuesday afternoon looking somewhat dazed blinking as they stepped into the smoggy sunlight Hong Kong is not alone in its volatility The ongoing stock sell-off in mainland China has flamed panic in markets across the world “Black Monday” as the Chinese state media (in a rare moment of honest self-appraisal) called yesterday’s rout encouraged the biggest sell-off in US and European markets since 2011 As things got worse on Tuesday by close the indices in Shanghai and Shenzhen had fallen 76% and 71% respectively the rest of Asia followed suit with India’s Sensex and the Nikkei in Japan both taking a tumble immediately after lunch However while the markets of New York City and Tokyo are liable to recover some experts worry that Hong Kong could be along for China’s downward ride The political turmoil in this island city last autumn demonstrated that many Hong Kongers hold themselves proudly detached from the political and cultural influence of mainland China but the ties between them at least in economic terms may be too tight to ignore “The closeness of Hong Kong market means that it moves more or less with the Chinese market” Bernard Aw a market analyst with IG Group in Singapore tells TIME “If you look at the Hang Seng market 20% of it is Chinese companies incorporated in China that are listed in Hong Kong” In recent years Aw says China has used Hong Kong as a pawn in its efforts to open the countrys markets to foreign investment Investing in Hong Kong a bastion of free-market capitalism on the southern cusp of this self-proclaimed communist country is easy and therefore Chinese companies listed on the Hong Kong markets comprising half of the overall market here can avail themselves of foreign money The Shanghai and Shenzhen markets draw domestic investment; Hong Kong bolsters that with investments from overseas In short Hong Kongs stock markets have subjected themselves to the dual currents of Chinese and global market trends The apogee of its surge earlier this year reaching its highest value since January 2008 echoed the bullish run of Chinas markets which were also booming Since June when investors began to realize that the Chinese bubble was just that Hong Kongs markets have suffered accordingly "If were looking at a farther horizon 12 to 24 months theres a chance for both markets to recover" Aw says "But in the near term I see the trend heading south" Contact us at [email protected] Narendra Modi-led National Democratic Alliance (NDA) government hasagreed to revive the Track II diplomacy process with Pakistan despite its apparent aversion to conventional talks with the neighbouring country?

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