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March 5, 2015, 3:48 a.m. EST

Chinese stocks decline amid fears of an economic slowdown

Hang Seng sees biggest daily drop in a month

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By Laura He, MarketWatch


Shutterstock/Leungchopan

HONG KONG (MarketWatch) -- Hong Kong and Shanghai stocks both posted solid losses on Thursday, amid investor anxiety over an “intensifying” economic slowdown in China as the nation’s premier lowered the nation’s growth target to about 7% for this year.

The Hang Seng Index /zigman2/quotes/210598030/delayed HK:HSI +0.47%  declined 1.1% to 24,193.04, the biggest daily drop in a month. The benchmark index has fallen for three days in a row.

Over on the mainland, the Shanghai Composite Index /zigman2/quotes/210598127/delayed CN:SHCOMP +2.07%  retreated 1%.

China set 2015’s gross domestic product growth target at about 7%, down from last year’s level of “about 7.5%”, Premier Li Keqiang said Thursday in his government work report at the opening of the annual parliamentary session. “The economic downward pressure is still intensifying,” he noted.

In Hong Kong, market movers included mainland auto-maker Brilliance China Automotive Holdings Ltd. /zigman2/quotes/202811724/delayed HK:1114 +0.71% , tumbling 3.9%, state-owned Bank of Communications Co., Ltd. /zigman2/quotes/203442771/delayed HK:3328 0.00%  , skidding 2.2%, energy giants PetroChina Co. Ltd. /zigman2/quotes/204979431/delayed HK:857 +0.40%  and China Petroleum & Chemical Corporation Ltd. /zigman2/quotes/202085942/delayed HK:386 -0.30% , both shedding 1.6%, and developer China Resources Land Ltd. /zigman2/quotes/202417326/delayed HK:1109 +0.84%  , losing 1.3%.

Hong Kong retailer dropped further, with cosmetic chain operator Bonjour Holdings Ltd. /zigman2/quotes/204727288/delayed HK:653 -0.56%  leading losses with a 5.8% slide.

Elsewhere, other Asian markets recorded mild gains.

Japan’s Nikkei Average /zigman2/quotes/210597971/delayed JP:NIK +0.18%   added 0.3%, and the broader Topix /zigman2/quotes/210598092/delayed JP:180460 +0.49%  rose 0.4%. The yen /zigman2/quotes/210561789/realtime/sampled USDJPY -0.0115%  weakened versus the greenback to ¥119.81, compared with ¥119.71 late Wednesday in New York.

Meanwhile, Sydney stocks nudged higher, as the S&P/ASX 200 /zigman2/quotes/210598100/delayed AU:XJO -0.32%  closed up less than 0.1%. Seoul’s Kospi Composite Index /zigman2/quotes/210598069/delayed KR:180721 +0.26%  ended flat.

/zigman2/quotes/210598030/delayed
HK : Hong Kong Exchange
24,455.41
+114.56 +0.47%
Volume: 2.30M
Sept. 18, 2020 4:09p
loading...
/zigman2/quotes/210598127/delayed
CN : China: Shanghai
3,338.09
+67.65 +2.07%
Volume: 25.63B
Sept. 18, 2020 3:01p
loading...
/zigman2/quotes/202811724/delayed
HK : Hong Kong
HK$ 7.12
+0.05 +0.71%
Volume: 15.81M
Sept. 18, 2020 4:09p
P/E Ratio
4.28
Dividend Yield
1.54%
Market Cap
HK$35.92 billion
Rev. per Employee
HK$910,269
loading...
/zigman2/quotes/203442771/delayed
HK : Hong Kong
HK$ 3.90
0.00 0.00%
Volume: 31.37M
Sept. 18, 2020 4:09p
P/E Ratio
3.68
Dividend Yield
8.85%
Market Cap
HK$347.18 billion
Rev. per Employee
HK$5.47M
loading...
/zigman2/quotes/204979431/delayed
HK : Hong Kong
HK$ 2.52
+0.01 +0.40%
Volume: 59.56M
Sept. 18, 2020 4:09p
P/E Ratio
N/A
Dividend Yield
5.73%
Market Cap
HK$845.99 billion
Rev. per Employee
HK$5.32M
loading...
/zigman2/quotes/202085942/delayed
HK : Hong Kong
HK$ 3.33
-0.01 -0.30%
Volume: 120.29M
Sept. 18, 2020 4:09p
P/E Ratio
101.22
Dividend Yield
6.54%
Market Cap
HK$518.87 billion
Rev. per Employee
HK$7.40M
loading...
/zigman2/quotes/202417326/delayed
HK : Hong Kong
HK$ 36.05
+0.30 +0.84%
Volume: 10.23M
Sept. 18, 2020 4:09p
P/E Ratio
8.33
Dividend Yield
3.31%
Market Cap
HK$257.07 billion
Rev. per Employee
HK$3.68M
loading...
/zigman2/quotes/204727288/delayed
HK : Hong Kong
HK$ 0.18
-0.0010 -0.56%
Volume: 1.32M
Sept. 18, 2020 4:09p
P/E Ratio
N/A
Dividend Yield
N/A
Market Cap
HK$607.44 million
Rev. per Employee
HK$2.14M
loading...
/zigman2/quotes/210597971/delayed
JP : Nikkei
23,360.30
+40.93 +0.18%
Volume: 0.00
Sept. 18, 2020 3:15p
loading...
/zigman2/quotes/210598092/delayed
JP : Tokyo Exchange (TOPIX)
1,646.42
+8.02 +0.49%
Volume: 0.00
Sept. 18, 2020 3:00p
loading...
/zigman2/quotes/210561789/realtime/sampled
US : Tullett Prebon
104.5600
-0.0120 -0.0115%
Volume: 0.0000
Sept. 18, 2020 4:59p
loading...
/zigman2/quotes/210598100/delayed
AU : S&P ASX
5,864.50
-18.70 -0.32%
Volume: 1.51M
Sept. 18, 2020 5:05p
loading...
/zigman2/quotes/210598069/delayed
KR : Korea Exchange
2,412.40
+6.23 +0.26%
Volume: 756,516
Sept. 18, 2020 3:32p
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Laura He is a MarketWatch reporter based in Hong Kong. Follow Laura on Twitter at: @lauraliuhe.

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