BEIJING: China’s stocks plunged for a fifth day, leading the benchmark index towards its biggest losing streak in 2014, amid concern over delay to the start of the Hong Kong-Shanghai bourse link will sap demand for shares.
Citic Securities Co. and Haitong Securities Co., the nation’s biggest-listed brokerages, dropped more than 2 percent in Shanghai and Hong Kong. Hong Kong Exchanges & Clearing Ltd. plunged 4.6 percent after Charles Li. Inner Mongolia Baotou Steel Rare-Earth Hi-Tech Co. slid to a three-month low after third-quarter profit dropped.
The Shanghai Composite Index (SHCOMP) slid 0.7 percent to 2,285.66 at 9:53 a.m., while the Hang Seng China Enterprises Index (HSCEI) declined 1 percent. The Shanghai gauge has fallen 4.5 percent from this year’s high on Oct. 9 after authorities failed to give a start date for the link after announcing in April that it would start in six months’ time.
The CSI 300 Index dropped 1.1 percent, led by financial companies. Hong Kong’s Hang Seng Index lost 0.9 percent, dragged down by Tencent Holdings Ltd. and casino operators.
