In Hong Kong trading, Daphne International Holdings Ltd fell to its four-year low. This comes after KGI Securities declared that the Chinese shoemaker's sales were sluggish in the previous months of July and August.
Daphne declined by a much as 14%, trading 11% lower at HKD4.69 per share by mid afternoon trading. The volume amount is poised to be at its all time low since August 2009. At the MSCI Asia Pacific Index, the stock was its worst performer, dropping by as much as 1.5%. Its rival Belle International Holdings Ltd which declined by as much as 5% overall.
Many consumer companies face slow growth as China's economy expanded 7.5% in the second quarter from 2012. This is the second straight year that China's growth had declined. Daphne had previously reported a 1.8% growth in revenues for the first half of the year, its slowest rate since 2002 according to Bloomberg data.
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