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China stocks slide in Asia, Nov. 16

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decline_9 November 16, 2011 (Chinavestor) China stocks fell hard in Asia on Wednesday as fears that Europe's sovereign debt crisis will carry on sank in. The Shanghai Composite Index (SHA:000001) fell 62.8 points or 2.5%, the most in three weeks after coming off 2 year lows in October. The sell-off was universal on the mainland where all but one among the 50 largest components of the Shanghai Composite Index (SHA:000001) fell.

The Hang Seng Index(INDEXHANGSENG:.HSI) retreated 387.5 points or 2.0% for the day. The sell-off was not as universal as in Shanghai nevertheless it was broad. Stocks that fell outnumbered those that advanced ten to one among 42 components of the index. China stocks led the decline for the Hang Seng China Enterprises Index (INDEXHANGSENG:.HSCEI) fell 2.78%, under-performing the broad index. Chinese insurance companies fell hard, China Life Insurance (HKG:2628) and Ping An Insurance (HKG:2318) taking the lead, as outlook for investment related income worsened. But Chinese telecom stocks provided a cushion again with China Mobile (HKG:0941) and China Telecom (HKG:0728) ending the day in the black. Smaller China Unicom (HKG:0762) shed a mere 0.1%.

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