HSBC shares open 8.5 percent down
HSBC shares were set to open 8.5 percent lower in Hong Kong on Tuesday, at their lowest level since October 1998, after Royal Bank of Scotland (RBS) disclosed the biggest loss in British corporate history.
Asian share markets dropped Tuesday as banking stocks were hit across the region on renewed concern about the global financial sector.
Global bank HSBC’s Hong Kong shares were set to open at HK$57.00. Its London-listed shares (HSBA.L) dropped 6.5 percent on Monday as UK rival Royal Bank of Scotland’s loss warning overshadowed the UK government’s second banking sector bailout of the current crisis.
While, Japan’s Nikkei 225 was down 3.2%, and under the key 8000 level, with Australia’s S&P/ASX 200 off 3.6%, hurt too by weak commodity stocks. Korea’s Kospi Composite was 2.7% lower with New Zealand’s NZX-50 off 0.9%.
