Hong Kong shares of Chinese oil giant Sinopec were suspended yesterday, after more than 1,200 mainland firms stopped trading on Chinese bourses as the country’s stocks suffered a dive that has wiped billions off valuations.
Shares for the energy giant were down 3.45 percent at HKD6.16 before trading was halted shortly after the break. The city’s benchmark Hang Seng Index was down 4.88 percent in afternoon trade.
“Trading in the H shares and debt securities of China Petroleum and Chemical Corporation has been halted at 1:05pm today,” a Hong Kong stock exchange statement said, without any further information.
In a statement sent to the Shanghai stock exchange yesterday, Sinopec said its second-quarter earnings likely rose over a thousand percent.
China’s leaders struggled to calm nerves after mainland stocks suffered the fall, while big losses were also seen around Asia, with Tokyo, Taipei and Sydney worst hit.
Hong Kong equities tanked yesterday to a four-month low as contagion from a rout in China spread into regional markets, with the Hang Seng Index plunging almost five percent in early trade.
With a series of actions by Beijing to staunch the bloodletting there are fears the market collapse will spread to the already struggling Chinese economy, the world’s second biggest and a key driver of global growth.
Words: AFP
Photo: Reuters
