Hong Kong stocks erased early gains on Tuesday, June 5th, as a further sell-off in mainland equities hit China plays, but oil producers marched higher amid advancing crude prices and recent broker upgrades.
Hong Kong-listed China stocks dropped 0.9 percent after the CSI 300, which tracks yuan-denominated A shares listed in Shanghai and Shenzhen, tumbled as much as 7.5 percent.
"What matters now is whether we will see some Chinese central government official come out to say some comfort words," said Steven Cheng, associate director at Shenyin Wanguo.
"Markets dropping so drastically is not what (the government) wants either. They want stability."
Cheng said Hong Kong should stabilise near current levels and may even rebound in the afternoon. -Neftegaz.ru
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