March 9, 2020 / 8:47 AM / 20 days ago

Hong Kong stocks join global selloff on oil crash, virus worries

* HK->Shanghai Connect daily quota used -16.7%, Shanghai->HK daily quota used 14%

* HSI -4.2%, HSCE -4.5%, CSI300 -3.4%

* FTSE China A50 -3.0%

March 9 (Reuters) - Hong Kong stocks tumbled on Monday, posting their steepest daily fall in more than two years, as fears over the economic impact of the global coronavirus epidemic were exacerbated by a crash in oil prices that battered financial markets around the world.

** The Hang Seng index fell 4.2%, to 25,040.46, while the China Enterprises Index lost 4.5%, to 9,984.44 points.

** Both indexes marked their biggest daily fall since Feb, 2018.

** Stocks fell across the board, dragged down by energy companies. The Hang Seng energy subindex crashed 10.9%, logging its worst session since late 2008.

** The day’s retreat came amid a sharp selloff in other world markets.

** Global share markets plunged on Monday as panicked investors fled to the safety of bonds and the yen to hedge the economic trauma of the coronavirus, while oil plunged more than 30% after Saudi Arabia opened the taps in a price war with Russia.

** Saudi Arabia had stunned markets with plans to raise its production significantly after the collapse of OPEC’s supply cut agreement with Russia, a grab for market share reminiscent of a drive in 2014 that sent prices down by about two thirds.

** Virus worries also persisted as more than 110,000 people have been infected across the world as the outbreak reached more countries and caused more economic damage.

** The top gainer on the Hang Seng was Link Real Estate Investment Trust, which gained 0.07%, while the biggest loser was CNOOC Ltd, which fell 17.23%.

** Around the region, MSCI’s Asia ex-Japan stock index was weaker by 4.98%, while Japan’s Nikkei index closed down 5.07%.

** The yuan was quoted at 6.9515 per U.S. dollar by 08:23 GMT, 0.25% weaker than the previous close of 6.9342.

** At close, China’s A-shares were trading at a premium of 31.44% over Hong Kong-listed H-shares. (Reporting by the Shanghai Newsroom; Editing by Shailesh Kuber)

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