To the actions in Hong Kong fell to a three-month low on Monday, led by bank shares as the government-orchestrated takeover of Credit Suisse for the UBS failed to ease market concerns about the risk of contagion.
The shares of China also ended lower, wiping out earlier gains despite Beijing’s new monetary easing measures to support economic growth.
Hong Kong’s Hang Seng Index fell 2.65% to its lowest closing level since December.
The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, lost 0.5%, while the Shanghai index fell 0.48%.
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Investors remained fearful of what might happen after a week in which Credit Suisse – a systemically important lender in one of Europe’s financial capitals – caved amid bond market turmoil resulting from the collapse of the Silicon Valley Bank.
At the weekend, UBS said it would buy Credit Suisse for 3 billion francs ($3.2 billion) and assume up to 5.4 billion in losses in losses, a forced merger engineered by Swiss authorities that investors expect that can avoid further confusion in global markets.
But shares of banks listed in Hong Kong fell on Monday. The papers of HSBC listed in Hong Kong fell more than 6%, posting the biggest one-day percentage loss in nearly six months.
Bank of East Asia fell more than 4% to a 10-week low and Standard Chartered Plc fell more than 7%, its worst performance in a year.
In TOKYO, the Nikkei index fell 1.42% to 26,945 points.
In HONG KONG, the HANG SENG index fell 2.65% to 19,000 points.
In SHANGHAI, the SSEC index lost 0.48% to 3,234 points.
The CSI300 index, which brings together the largest companies listed in SHANGHAI and SHENZHEN, fell 0.50% to 3,939 points.
In SEOUL, the KOSPI index lost 0.69% to 2,379 points.
In TAIWAN, the TAIEX index fell by 0.21% to 15,419 points.
In SINGAPORE, the STRAITS TIMES index lost 1.37% to 3,139 points.
In SYDNEY, the S&P/ASX 200 index fell 1.38% to 6,898 points.
Source: Moneytimes
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