Chinese and Hong Kong stocks extended their losses Thursday, weighed down by new energy and oil stocks, as an unprecedented move by Swiss regulators to pledge to bail out bank Credit Suisse stoked fears of a banking crisis.
The CSI300 index, which brings together the largest companies listed in Shanghai and Shenzhen, fell 1.2% to a low of 1.22%, while the Shanghai index fell 1.12%.
Hong Kong’s Hang Seng Index fell 1.72% to its lowest level since December 21, 2022.
Asian stocks fell on Thursday after Credit Suisse said it would borrow up to $54 billion from the Swiss central bank to bolster its liquidity after a plunge in its shares heightened fears of a global financial crisis.
This is the latest drop since the Silicon Valley Bank collapse last week left markets on edge ahead of Thursday’s European Central Bank (ECB) meeting.
In Hong Kong, Baidu Inc. led the declines, down 6.36%. Oil stocks also weighed on the blue chip index, with CNOOC down 4.91%.
** In China, new energy stocks tracked by the CSI Photovoltaic Industry Index fell 4.69%.
. In TOKYO, the Nikkei index fell by 0.80% to 27,010 points.
. In HONG KONG, the HANG SENG index fell by 1.72% to 19,203 points.
. In SHANGHAI, the SSEC index lost 1.12% to 3,226 points.
. The CSI300 index, which brings together the major companies listed in SHANGHAI and SHENZHEN, fell by 1.20% to 3,939 points.
. In SEOUL, the KOSPI index lost 0.08% to 2,377 points.
. In TAIWAN, the TAIEX index fell 1.08% to 15,221 points.
. In SINGAPORE, the STRAITS TIMES index lost 0.55% to 3,155 points.
. In SYDNEY, the S&P/ASX 200 index fell by 1.46% to 6,965 points.
Source: Terra
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