Hong Kong stocks continue to dive amidst Europe debt woes

HSBC Holdings Plc, Europe’s largest bank by market value, fell 2.9%.

A Bloomberg report said, “Hong Kong stocks fell for a seventh day in eight as concern mounted that Europe will fail to contain its debt crisis, slowing the global economy.”

According to the report, the Hang Seng Index dropped 1 percent to 19,595.14 at the close while the Hang Seng China Enterprises Index declined 0.7 percent to 10,502.73

“The Hang Seng Index is in a bear market after falling 22 percent from its high in November 2010. The equity benchmark has lost 15 percent this year, the worst performance among Asia’s five developed stock markets, according to data compiled by Bloomberg,” said the report.

View the report here.