HONG KONG, Dec 12 (Reuters) - Hong Kong shares slumped 5.9 percent on Friday, as investors dumped Li & Fung (0494.HK: Quote, Profile, Research, Stock Buzz) and other export-oriented firms after the U.S. Senate rejected the $14 billion bailout of the auto industry.
The benchmark Hang Seng Index .HSI unofficially closed down 921.11 points at 14,692.79.
The China Enterprises Index of top locally listed mainland Chinese firms .HSCE had fallen 7.3 percent to 7,867.75.
Li & Fung, which supplies consumer goods to U.S. retailers, tumbled 11.8 percent, after one of its buyers, KB Toys Inc, filed for bankruptcy on Thursday. KB Toys owes Li & Fung about $27.2 million. [ID:nN11389069]
(Reporting by Jun Ebias; Editing by Jonathan Hopfner)
Posts
No comments:
Post a Comment