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Hong Kong stocks have worst week in 3 months amid capital outflow concerns
June 16, 2017 / 8:19 AM / 3 months ago

Hong Kong stocks have worst week in 3 months amid capital outflow concerns

June 16 (Reuters) - Hong Kong shares steadied on Friday after the previous session’s sharp slide triggered by U.S. monetary tightening, but the benchmark index posted its biggest weekly loss in three months.

The Hang Seng index rose 0.2 percent, to 25,626.49 points, but registered a 1.6 percent weekly loss, the biggest since early March. On Thursday, the benchmark dropped 1.2 percent.

The China Enterprises Index gained 0.4 percent on Friday, to 10,384.89 points, and fell nearly 2 percent for the week.

The Federal Reserve raised short-term interests on Wednesday, and outlined plans to shrink the U.S. central bank’s balance sheet, raising concerns about tighter liquidity globally and capital flows out of Asia.

Sentiment has also been dented by China’s weak producer inflation and investment data, which reinforced concerns of a renewed slowdown in the world’s second-biggest economy.

Sector performance was mixed, with financials rising, but property concerns, which is vulnerable to higher borrowing costs, continuing to fall. (Reporting by the Shanghai Newsroom; Editing by Richard Borsuk)

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