![]() ![]() These banks face earnings risks stemming from their exposure to China’s local government debt, the Wall Street firm said. It also gave a “sell” rating to the Bank of Communications and Huaxia Bank. In a lengthy report on China’s banking sector this week, Goldman Sachs cut the Industrial and Commerical Bank of China and Industrial Bank from “buy” to “sell,” while downgrading the Agricultural Bank of China from “neutral” to “sell.” It was the steepest daily decline since February 2018. The Hang Seng Mainland Banks Index, which tracks mainland Chinese banks listed in Hong Kong, plummeted 6.5%. ![]() The benchmark is the leading decliner in the Asia Pacific.įinancial shares led the sell-off, after Goldman Sachs downgraded several Chinese banks. (HSI) Index ended down 3%, its biggest daily drop since early March. ![]() Hong Kong stocks on Thursday recorded their worst day in four months, after Goldman Sachs downgraded major Chinese banks on local government debt risks and the US Federal Reserve gave a hawkish outlook. ![]()
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