Hong Kong stocks down 1.79%

19:26, November 26, 2009      

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Hong Kong stocks dived 401.39 points, or 1.79 percent to close at 22,210.41 on Thursday.

The benchmark Hang Seng Index opened 0.14 percent lower at 22, 580.25 and retreated all the way to the day low of 22,108.26. The loss was only mitigated in the last hour of the trading.

Turnover totaled 77.35 billion HK dollars (about 9.99 billion U. S. dollars), compared to 79.4 billion HK dollars from Wednesday.

China's Minsheng Bank topped the turnover chart with over 6.9 million HK dollars on its first trading debut. However, to the disappointment of investors, its share price slumped 3.08 percent to 8.8 HK dollars compared to the offering price. The company had the largest public initial offering in Hong Kong so far this year.

By contrast, another newcomer to the Hong Kong bourse, mainland- based coal mining equipment maker Sany Int'l, outperformed the general market by rising a stunning 10.24 percent and become the 8th stock on the daily turnover chart.

Aside from Minsheng, other big Chinese banks also weighed on the Hang Seng Index. The country's largest mortgage lender China Construction Bank declined 3.64 percent, contributing 68 points to the fall of the index. Meanwhile, the No.1 Chinese commercial lender ICBC went down 2.79 percent to 6.61 HK dollars and the Bank of China fell 2.9 percent to 4.35 HK dollars, retreating for the fourth straight day this week.

As for heavyweights, HSBC dropped 1.82 percent to 94.15 HK dollars, China Mobile down 1.2 percent to 72.34 HK dollars and HK Exchange shedding 2.26 percent to 138.4 HK dollars.

The property sector declined as a whole. Hong Kong's leading developer Cheung Kong fell 0.76 percent to 97.75 HK dollars, Henderson Land down 1.97 percent and SHK sliding 1.04 percent.

Oil-related stocks were also lower, with PetroChina down 1.89 percent, CNOOC 1.11 percent and Sinopec 2.07 percent.

Only two out of the 44 Hang Seng Index constituents registered growth on the day and three remained unchanged.

Source: Xinhua
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