Market in Hong Kong Falls with the Decline in U.S. Profits
The fall in the Hong Kong stocks has made the benchmark index to touch the lowest. This slide in the shares has been caused due to the decreased profits of Companies like Bank of America Corp. and Citigroup Inc.
The biggest U. S. lender, Bank of America Corp., has seen 11% decrease in its revenue and Citigroup has also reported a fall of 38% in its income during the second quarter.
This fall has once again reduced the confidence of the consumers in the market.
The fall has been reported by almost all the Companies. Li & Fung Ltd. has also reported fall of 2.6%. Zijin Mining Group Co. has also faced the loss of 2.8% in its stocks. The metal giant, Aluminum Corp. of China Ltd., lost 2.8% due to the reduced price of metal.
"Poor consumer sentiment and lackluster company earnings will undermine a U. S. recovery and hint at a slowdown in the economy", said Benjamin Tam, who is a Portfolio Manager at IG Investment Ltd.
China has been working hard to cool the prices of property market, which has led to a decline of 8.3% in the Hang Seng index. The market is also affected by the prevalent adverse conditions in the Europe's economy.
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