Hong Kong stocks close 1.18% lower

20:27, December 08, 2009      

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Hong Kong stocks fell for three consecutive trading days on Tuesday, ending down 1.18 percent, or 264.44 points, at 22,060.52.

The benchmark Hang Seng index opened lower 18.79 points, or 0. 08 percent, at 22,306.17, which was also the day's low. It once reached as high as 22,055.02 during the session. Turnover rose to 68.46 billion HK dollars (about 8.84 billion U. S. dollars) from Monday's 60.94 billion HK dollars (about 7.87 billion U.S. dollars) .

The Hang Seng China Enterprises Index gave up 206.20 points, or1.54 percent to close at 13,152.10.

All of the four major stock categories lost ground. The finance sub-index dipped 1.62 percent, the utilities lost 0.21 percent, the properties went down 0.70 percent, and the commerce and industry, 0.79 percent.

Bank stocks were weak. Banking giant and market heavyweight HSBC tumbled 1.95 percent to close at 90.55 HK dollars, and its local unit Hang Seng Bank shed 0.17 percent.

As for Chinese mainland commercial lenders, Bank of China fell 1.58 percent to 4.35 HK dollars. Industrial and Commercial Bank of China decreased 1.81 to 6.52 HK dollars. China Construction Bank slid 2.11 to 6.97 HK dollars.

China Mobile, the leading mobile carrier on the Chinese mainland, closed down 0.96 percent at 72.35 HK dollars.

The oil shares were also losers. PetroChina lost 1.42 percent, offshore oil producer CNOOC fell 1.17 percent and Sinopec dropped 0.77 percent.

Cheung Kong, the flagship of Hong Kong's richest man Li Ka- shing, dipped 0.10 percent to 100.70 HK dollars. Sun Hung Kai Properties, the largest residential housing developer in Hong Kong, fell 0.68 percent to close at 117.30 HK dollars. Henderson Land finished 2.21 percent lower at 57.55 HK dollars. (7.7425 HK dollars = 1 U.S. dollar)

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