HK stocks slide as corporates issue warnings - RTHK
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HK stocks slide as corporates issue warnings

2020-02-18 HKT 09:54
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  • The Hang Seng Index fell sharply as corporates warned coronavirus would hit their profits. File photo: RTHK
    The Hang Seng Index fell sharply as corporates warned coronavirus would hit their profits. File photo: RTHK
Hong Kong stocks ended the morning session sharply lower on Tuesday, as investors fretted about the impact of the deadly coronavirus on corporate earnings and economic growth.

The Hang Seng Index fell 1.4 percent, to 27,581 by the break.

On the mainland, the Shanghai Composite Index lost 0.4 percent and was at 2,972 while the Shenzhen Composite Index was up 0.2 percent, to 1,839.

Most Asian markets tumbled after Apple warned the new coronavirus had hit output and demand in China, fuelling fears over the wider impact of the epidemic on corporate earnings and economic growth.

Tokyo's benchmark Nikkei 225 index fell 1.2 percent, deepening losses a day after data showed the economy shrank in the December quarter, even before the effects of the virus hit Japan.

Elsewhere, Singapore fell 0.6 percent as investors digested the government's decision to cut its economic growth forecast for this year as the virus batters the city state's tourism and trade.

Seoul was off 1.5 percent and Taipei lost 0.6 percent. Sydney shed 0.3 percent.

Brent Crude fell 0.9 percent and West Texas Intermediate was down 0.5 percent. Gold, seen as a safe haven in times of uncertainty, was up 0.40 percent. (AFP)

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Last updated: 2020-02-18 HKT 13:30