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China stocks open October in a low tone

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forecast_down October 3, 2011 (Chinavestor) Stocks tumbled globally after Greece admitted it won't meet deficit targets. Investors wonder what Greece's ills will do to the larger Euro zone. The Hang Seng Index (INDEXHANGSENG:.HSI) fell 770.3 points or 4.6% for the day. Had it not been for a relatively mild decline of index heavy weight China Mobile (HKG:0941) and Petrochina Co. Ltd. (HKG:0857), the fall would have been a lot more serious. The Shanghai Composite Index (SHA:000001) is not indicative this time for the stock exchange is closed up until Friday in observance of a National Holiday.

China stocks led the decline in Hong Kong for the Hang Seng China Enterprise Index (INDEXHANGSENG:.HSCE) fell more than the broad Hang Seng Index (INDEXHANGSENG:.HSI). Ping An Insurance (HKG:1211), the second largest Chinese insurer, tumbled 13.3% but coal miners fell just as hard. Yanzhou Coal Mining (HKG:1171) dived 14.3%, the largest daily loss YTD. China Shenhua Energy (HKG:1088), the largest coal miner in China, fell 7.1%. But upstream oil firm, Sinopec (HKG:0386) was relatively unharmed.

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