Hong Kong stocks tumble as HSBC, Sinopec slide
HONG KONG (MarketWatch) — Hong Kong stocks got slammed early Tuesday as concerns about Europe returned to hurt investor sentiment, with refining giant Sinopec slumping after announcing a .1 billion placement in Hong Kong. The Hang Seng Index tumbled 1.6% to 23,311.32 and the Hang Seng China Enterprises Index sank 2.2% to 11,895.28. Heavyweight HSBC Holdings PLC , which has a major presence in Europe, shed 2.1% amid political concerns over Italy and Spain. Shares of Sinopec, formally called China Petroleum & Chemical Corp. , skidded 6.8% on fears of equity dilution from its private placement, while recent gainers in the consumer, property and financial sectors also suffered losses. China’s Shanghai Composite dropped 0.4% to 2,418.99.
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