Hang Seng Index Falls; Effecting Some of Cramer's Four Horsemen (CHL, CEO, PTR, LFC)
Hong Kong\'s Hang Seng index has posted its biggest one day point loss after reports Beijing will delay a plan to allow mainland Chinese investment in the Hong Kong market.
The Hang Seng plunged 5 percent or 1,526 points to close at 28,942.
Analysts say the market tumbled on reports Chinese Premier Wen Jiabao indicated the new investment policy could be delayed as Beijing studied the impact of the scheme on Hong Kong and mainland Chinese markets and investigated a law to regulate the amount of money flowing out of the mainland.
The Hang Seng has risen 40 percent since the direct investment scheme was first announced on August 20th.
The fall came despite Chinese oil and gas producer PetroChina (NYSE: PTR) becoming the first company valued at more than $1 trillion after its shares tripled in value when it made its debut in Shanghai.
Companies that have dropped in the market malaise include China Mobile (NYSE: CHL), CNOOC Limited (NYSE: CEO), PetroChina (NYSE: PTR) and China Life Insurance (NYSE: LFC).
China Life Insurance Company is an insurance company in the People\'s Republic of China.
CNOOC Limited is a producer of offshore crude oil and natural gas and an independent oil and gas exploration and production company.
China Mobile Limited, formerly China Mobile (Hong Kong) Limited, is an investment holding company.
JR
Create E-mail AlertRelated Categories
Analyst CommentsInsiders' Blog
Stocks Mentioned
+4.86Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!
