HK stocks rattle after eight consecutive drops

08:41, May 10, 2011      

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Hong Kong stocks rattled on Monday with good performance of heavyweight HSBC, ending losses of about 600 points in past eight trading days.

The benchmark Hang Seng Index moved up 176.86 points to close at 23,336 points, after trading between a day high of 23,392.7 points and a day low of 22,239.15 points.

Turnover shrank to 57.53 billion HK dollars (7.4 billion U.S. dollars) from last Friday's 70.28 billion HK dollars.

The H-Share Index moved up 85.65 points, or 0.67 percent, to end at 12,934.47 points.

Banking giant HSBC edged up 1.57 percent to close at 84 HK dollars, becoming the main driver for the uplifting trend. China Mobile, China's dominant mobile carrier ended up flat at 71.6 HK dollars.

Mainland lenders listed in Hong Kong fluctuated. ICBC, China's largest bank by market value, edged down 0.31 percent to close at 6.45 HK dollars; CCB, the country's second largest lender by market capitalization, increased 0.14 percent to close at 7.2 HK dollars; BOC, one of the "big four", ended flat at 4.26 HK dollars.

Major local developers gained. Sun Hung Kai, HK's largest property developer by market value, moved up 0.58 percent to close at 120.5 HK dollars; Cheung Kong properties, owned by billionaire Li Ka-shing, edged up 1.02 percent to 119.4 HK dollars.

PetroChina, the country's largest oil and gas producer closed up 0.18 percent to 10.66 HK dollars; Sinopec, China's top refiner, jumped 1.59 percent to 7.65 HK dollars. (One U.S. dollar is equivalent to 7.77 HK dollars)

Source: Xinhua
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