China and Hong Kong stocks slid lower as optimism cooled about a solution to Europe's debt crisis at the upcoming EU summit meeting. Very thin turnover reflected a lack of momentum.
Chinese and Hong Kong blue chips consolidated at the 19,000 level after Thursday's whopping gain, and turnover fell. Renewed optimism for a solution in Europe is driving bulls.
Hong Kong blue chips rose above 20,00 on the last day of trading before the break next Monday through Wednesday for Chinese New Years. Local big banks surge after healthy gains.
Hong Kong followed other Asian markets in opening lower partly due to a lack of positive news on European debt from the G20 meeting. Possible credit tightening pushed stocks lower.
China stocks made up much of Monday's decline as Mainland and foreign markets showed some strength and good news emerged about the debt crisis in Greece.
Hong Kong blue chips opened higher on speculation there would be progress in Greek debt negotiations and broke through the 21,000 resistance level in the afternoon following a rally in Shanghai.
After weeks of volatility, China stocks have hit a critical point and could be on a downtrend. China's announcement it was scaling back its GDP target for 2012 hurt sentiment.
Hong Kong and Chinese stocks opened higher despite the sharp drop on Wall Street and ended a day of volatile trading with a slight gain. Export-oriented stocks dropped on EU worries.
A big drop on Wall Street added impetus to Hong Kong's pullback from recent sharp gains. Better prospects for an easing of China's tight credit policies could benefit investors.
China stocks and Hong Kong blue chips opened higher and added further gains as overseas money chased heavyweight stocks, including some that will announce results in the next three weeks.
Hong Kong stocks drifted lower, weighed down by persistent concern about the European debt crisis. The big four China banks' lending in December hit a three-year high, but bank stocks were soft.
A rebound in U.S. markets helped China and Hong Kong bounce back from huge losses Thursday. Chinese banks rebounded after a surge in lending lifted loan values for the month.
Following a steep decline in the U.S., Hong Kong blue chips opened lower and at one time were down 200 points. Turnover was thin, reflecting weak momentum.