Hong Kong Stocks Fall in Worst Start to Lunar New Year Since '94
- Global equity rout deepened during three-day trading break
- Riots in city's Mong Kok district may hurt retail sales
Should We Be Concerned About Chinese Growth?
Hong Kong stocks fell in their worst start to a lunar new year since 1994 as a global equity rout deepened amid concern over the strength of the world economy.
The Hang Seng Index slumped 3.9 percent at the close in Hong Kong as markets reopened following a three-day trading closure, during which the MSCI All-Country World Index dropped 2.1 percent. The last time the gauge fell so much on the first day of the lunar new year, investors were worried about the health of former Chinese leader Deng Xiaoping. Lenovo Group Ltd. led declines while energy companies dropped after crude slumped 11 percent during the holidays. Jeweler Chow Sang Sang Holdings International Ltd. slid after riots in the Mong Kok district.