HK shares open down 2.8 percent as HSBC plunges
HONG KONG, March 3 (Reuters) - Hong Kong shares will start 2.8 percent lower on Tuesday, with shares in HSBC (0005.HK) mauled after the bank announced a $17.7 billion rights issue at a deep discount and slashed its annual dividend.
HSBC was down 19.3 percent at HK$45.95 at the open, its lowest level since the 1998 Asian financial crisis, matching a similar sell-down in the bank's London-listed shares (HSBA.L).
Shares in Hong Kong Exchanges & Clearing (0388.HK) will open 4.4 percent lower at HK$55 ahead of its 2008 earnings announcement on Wednesday. Morgan Stanley slashed its target price on the stock to HK$33 on Monday, warning of continued weakness in turnover on the exchange in 2009.
The benchmark Hang Seng Index .HSI was down 350.39 points at 11,967.07.
The China Enterprises Index .HSCE of top mainland firms was 1.5 percent lower at 6,484.88.
(Reporting by Parvathy Ullatil; Editing by Jonathan Hpfner) (parvathy.ullatil@thomsonreuters.com; +852 2843-6415))
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