Onshore selloff leaves Hong Kong markets in shambles with $475m loss

The two major equity indexes HSCEI and HSI plunged 9.9% and 13% respectively.

Bloomberg reports that Hong Kong emerges as amongst the most battered in the market turmoil that has left no Asian equity market unscathed as two of its main equity indexes – the Hang Seng Index and Hang Seng China Enterprises Index head for a correction or a decline of at least 10% after dipping 9.9% and 13% respectively – just two weeks after they peaked. 

Amidst risk aversion in the US and an onshore selloff reported this week, the city’s equities lost a whopping $475 in value through Thursday, giving up much of the gains earned through the year. 

The global market wreckage hit major Asian markets hard with the MSCI Asia Pacific Index flipping to oversold from overbought and slight dips in Shanghai, Taiwan and Nikkei benchmarks. 

Here’s more from Bloomberg: