HK, China shares post worst annual drop since '08 crisis

December 30, 2011 10:47


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HONG KONG - Hong Kong and China shares suffered their biggest annual loss since the 2008 financial crisis as mounting fears about China, worries about a global recession and heightened volatility in financial markets trumped cheap valuations.

Tight monetary policy in China, concerns about bad loans and corporate governance issues saw investors sharply pare exposure to China this year, particularly in the second-half.

The Hang Seng index ended 2011 down 20 percent, roughly in line with other Asian markets but significantly underperforming the S&P 500, which is poised to finish the year little changed.

The Shanghai Composite ended the year down 21.7 percent.

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