HK stocks extended yesterday's weakness on Tuesday in volatile trade, and ended lower for three days in a row. The benchmark index opened 155 points higher and reversed its trend as mainland market plunged again.
The Hang Seng Index ended down 260 points or 1% to 24,975. The HSI has fallen a combined 1,307 points over the past three trading days. The H-share index fell 404 points or 3.3% to 11,827. Turnover reduced to HK$172.5 billion from HK$212.7 billion on Monday.
By market close, the northbound quota balance of the "Shanghai-HK Connect" program was RMB23.256 billion, surpassing the quota of RMB13 billion. It meant the sell trade value was larger than buy order value. The southbound quota balance was RMB12.121 billion, also larger than the daily allowed quota of RMB10.5 billion.
In a broader market, losing-stocks outnumbered winners by 1,536 versus 206. HKEx (00388) slid 5.5% to HK$222 after yesterday's 10% slump. It was the top blue-chip loser, followed by CR Land (01109) fell 5.4% to HK$21.05.
Chinese insurers fell in tandem with the market even though industry operating data from Beijing insurer regulator show robust trend for the first five months of 2015. NCI (01336) plunged 9.8% to HK$35.9. PICC P&C (02328) slid 10% to HK$15.36. China Taiping (00966) sank 9.4% to HK$22.55.
Meanwhile, securities players were under pressure. CC Securities (01375) dived 9.6% to HK$4.24 despite the company issued positive profit alert. Haitong Int'l (00665) and CITIC Sec (06030) crashed 13% to HK$4.54 and HK$21.1 respectively.
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