Hong Kong stocks end down on HSBC

19:38, March 02, 2010      

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Hong Kong stocks Tuesday ended down 150.82 points, or 0.72 percent, to close at 20,906.11, led by sharp drop in HSBC.

The benchmark Hang Seng Index opened 0.64 percent lower at 20, 921.44 and traded between 20,906.11 and 20,961.83 before closing at 20,906.11. Turnover totaled 72.1 billion HK dollars, compared with Monday's 67.97 billion HK dollars.

The Hang Seng China Enterprises Index rose 104.1 points, or 0. 87 percent, to close at 12,017.55.

Three of the four sub-indices rose. The utilities sub-index gained 0.68 percent, followed by the properties, rising 0.25 percent, and the commerce and industry, edging up 0.02 percent. The finance sub-index fell 1.58 percent.

Heavyweight HSBC plunged 7.04 percent to close at 80.55 HK dollars after announcing its worse than expected net profit in 2009. It alone took 218 points away from the local market.

Its local unit Hang Seng Bank dropped 5.13 percent at 109 HK dollars. China Mobile down 1.03 percent to 76.5 HK dollars.

Chinese mainland lenders ended up. Bank of China rose 2.55 percent to 4.02 HK dollars. China Construction Bank rose 1.15 percent to 6.18 HK dollars. Bank of Communications edged down 0.35 percent 8.62 HK dollars. ICBC up 1.56 percent to 5.86 HK dollars.

As for local developers, Cheung Kong, the flagship of Hong Kong 's richest man Li Ka-shing, edged up 0.05 percent, at 97 HK dollars. SHK Properties, the leading residential housing developer in Hong Kong, ended 0.27 percent higher at 109.9 HK dollars. Henderson Land lost 0.28 to 54.25 HK dollars.

PetroChina slightly gained 0.23 percent to 8.87 HK dollars, offshore oil producer CNOOC fell 0.65 percent to 12.2 HK dollars. Sinopec went down 1.3 percent to 6.07 HK dollars. (7.8 HK dollars = 1 U.S. dollar)

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