Worst week since 2008 looms for Hong Kong shares

The Hang Seng Index, which closed down 4.9 percent at 17,912.0 points on 22 September 2011, was down 7.9 percent on the week.

A Reuters report said, “Hong Kong shares are set to weaken further on Friday, poised for their worst week since the 2008 financial crisis as investors look to extend a selloff to reduce riskier holdings as global recessionary fears escalate.”

Meanwhile the China Enterprises Index finished down 6.3 percent at 9,202.7 points and was down 10.2 percent on the week.

“Thursday's decline left the Hang Seng Index technically oversold and in a gap on the charts that formed between the high on July 14, 2009 at about 17,896 and the low on July 15, 2009 at about 18,030,” noted the report.

View the report here.