Hong Kong stock exchange dive to minus 5 drags Asia downwards

Chinese shares (insurance, housing, etc. ..) lose 14 to 11%. Concerns about slowing Chinese economy, declining U.S. consumer market, worsening crisis in Greece.

Hong Kong (AsiaNews) - At midday the Hong Kong Stock Exchange fell nearly 5%, its lowest point since May 2009. According to analysts, the reasons lie in the slowing Chinese economy, struggling to curb inflation, and increasingly lower data on U.S. consumption. For some, the fears are born of the worsening Greek crisis.

At midday the Hang Seng Index was down 4.95%, the majority of the Asian stock markets saw a decline between 2 and 4%.

The financial market in China is closed for the October first national holiday, but shares of companies listed in Hong Kong suffered heavy losses. Ping An insurance group, fell by 14%, the heaviest loss in two and a half years.

Construction-related companies have also suffered significant drops. The China Overseas Land & Investment fell 11%.

At midday, the Nikkei was down 2.26%, Singapore 1.79%, and Taipei 1.69%. Seoul is closed.