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Article: United States : Hong Kong shares close lower as credit-market worries persist; HSBC hit.
- Article from:
- TendersInfo
- Article date:
- July 15, 2008
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Byline: manish03
Share prices closed lower as investors viewed US government support for mortgage financing giants Freddie Mac and Fannie Mae as an indication of the depth of problems in credit markets.
Trade was also cautious ahead of key economic data in China and quarterly results from major US financial institutions this week. HSBC fell nearly 2 pct, contributing a good measure to the key index's fall, on fresh worries over the financial sector and losses in its American depositary receipts on Friday.
Property developers slumped on a weak outlook for the local property market following mortgage rate hikes and a slowing economy. Handset ...