Weak property heavyweights weigh down Hong Kong stocks

22:20, February 15, 2011      

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Hong Kong shares ended lower on Tuesday, owing to weak performance of property heavyweights.

The benchmark Hang Seng index closed down 221.28 points, or 0. 96 percent, to end at 22,899.78 points, after trading between a day high of 23,104.98 and a day low of 22,881.16 points.

Turnover totaled 67.75 billion HK dollars compared with Monday's 78.18 billion HK dollars.

The Hang Seng China Enterprises Index lost 117.78 points, or 0. 95 percent, to close at 12,280.27.

Four sub-indices ended mixed. The Properties sub-index, which covers 7 blue chips of the Hang Seng Index, lost 1.51 percent. The Finance fell 1.25 percent and the Commerce &Industry shed 0.6 percent, while the Utilities sub-index rose 0.2 percent.

Developers were mostly down as data showing inflation in China last month was lower than expected failed to allay concerns the Chinese government will take further monetary tightening measures.

Sino Land fell 2.5 percent to 13.98 HK dollars. Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka-shing, dropped 2.3 percent to 118.5 HK dollars, and Sun Hung Kai Properties, one of the largest property companies in Asia, fell 1.3 percent to 124.4 HK dollars.

As to the Lenders, Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, lost 1.63 percent to 87. 5 HK dollars. Bank of Communications, China's fifth biggest lender measured by assets, dropped 1.2 percent to 7.44 HK dollars, and Bank of China was down 0.8 percent at 3.96 HK dollars.

Shares of Bank of East Asia, another Hong Kong's major bank, was unchanged at 33.2 HK dollars after saying Tuesday its 2010 net profit rose 62 percent from a year earlier.

Shipping firm Cosco Pacific bucked the trend, gaining 3.1 percent to 14.6 HK dollars following the release of China trade data that showed robust economic activity within China (1 U.S. dollar equals 7.795 HK dollars).

Source: Xinhua
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