Hong Kong stocks narrow losses to end 0.61% lower

19:25, November 02, 2009      

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Hong Kong stocks narrowed their sharp opening losses on Monday to close at 21,620.19, down 132.68 points, or 0.61 percent.

The benchmark Hang Seng Index opened down 2.57 percent at the day's low of 21,194.12, tracking losses on the Wall Street as investors worried about the hovering uncertainties over the economic recovery amid negative consumption news.

The blue chip index narrowed its losses to 1.72 percent by lunch break, and edged up further in the afternoon, partly helped by the strength of the Chinese mainland market. Turnover totaled 65.12 billion HK dollars (8.35 billion U.S. dollars), compared with last Friday's 76.35 billion HK dollars (7.79 billion U.S. dollars).

Analysts said they saw support for the Hang Seng Index at 21,000 and resistance at 22,000 or slightly lower positions, adding that the downside risks might be increasing.

Only six of the 42 blue chip stocks turned out gainers, compared with 33 losers. The other three ended flat. The finance sub-index, one of the four major stock categories, closed down 0.54 percent, the properties down 1.01 percent, and the commerce and industry down 0.53 percent. The utilities category was down 1.19 percent.

Market heavyweight and banking giant HSBC was down 0.97 percent at 86.35 HK dollars. The local unit Hang Seng Bank was down 0.45 percent at 111 HK dollars.

China Mobile, the leading carrier on the Chinese mainland, was down 0.2 HK dollars, or 0.27 percent, at 73.8 HK dollars. Smaller rival China Unicom was down 0.59 percent at 10.1 HK dollars.

The mainland banks were mostly lower, with China Construction Bank down 0.59 percent, Bank of China down 1.31 percent and Bank of Communications down 1.05 percent. ICBC, the largest commercial lender, bucked the trend to rise 0.16 percent.

The leading insurance players also gained ground, with China Life up 1.5 percent at 37.1 HK dollars and Ping An up 0.29 percent at 69.8 HK dollars.

The local banks and developers were also mostly lower. Bank of East Asia was down 2.7 percent at 27.05 HK dollars.

Cheung Kong, the flagship of Hong Kong's richest man Li Ka-shing, was down 1.35 percent at 98.95 HK dollars. Sun Hung Kai Properties, the leading residential housing developer in Hong Kong, also went down 1.59 percent to close at 117.8 HK dollars.

Tencent, the online messaging software provider and game developer, surged 6 HK dollars, or 4.38 percent, to close at 143.1HK dollars on upbeat earnings estimates released by Citigroup. (7.8 HK dollars = 1 U.S. dollar)

Source: Xinhua
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