HK stocks extend losses to sixth day

19:42, January 27, 2010      

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Hong Kong stocks fell for a sixth straight day Wednesday, with the weighted index once breaking the psychological support of 20,000 points.

The Hang Seng Index, which plunged 2.38 percent to a four-and-a- half-month closing low on Tuesday, opened up 0.38 percent at 20,185.80. But the market reversed gains shortly after it opened in the afternoon, ending down 76.26 points, or 0.38 percent, at 20,033.07 after reaching the day's low of 19,923.55.

Analysts said they expect further weakness in the coming sessions as fund outflows persist amid a stronger U.S. dollar. They said the Hang Seng Index should find solid support around 18,000 points.

Despite the recent sharp losses, analysts said they don't expect any major rebound in the coming month.

Turnover dropped to 73.24 billion HK dollars (9.43 billion U.S. dollars) from Tuesday's 77.38 billion HK dollars (9.96 billion U.S. dollars).

The Hang Seng China Enterprises Index shed 37.43 points, or 0.33 percent, to close at 11,372.69.

All the four major sub-indices lost ground. The properties sub-index fell most at 1.55 percent, followed by the utilities at 0.94 percent, the commerce and industry at 0.28 percent, the finance at 0.17 percent.

Heavyweight HSBC edged down 0.06 percent to 84.05 HK dollars. China Mobile rose 0.14 percent to 73.90 HK dollars.

The leading Chinese mainland commercial lenders were mostly lower. Bank of China declined 0.27 percent to 3.67 HK dollars. China Construction Bank slid 0.17 percent to 5.94 HK dollars and Bank of Communications lost 0.76 percent to 7.84 HK dollars. ICBC went up 0.18 percent to 5.62 HK dollars.

Oil shares ended mixed. Offshore oil producer CNOOC went down 0. 18 percent, Sinopec gained 1.32 percent and PetroChina was unchanged.

As for local developers, Cheung Kong, the flagship of Hong Kong 's richest man Li Ka-shing, dropped 1.06 percent to 93.60 HK dollars. Sun Hung Kai Properties, the largest residential housing developer in Hong Kong, fell 1.36 percent to close at 101.40 HK dollars. Henderson Land was off 0.58 percent at 51.05 HK dollars. (7.768 HK dollars = 1 U.S. dollar)

Source: Xinhua
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