HK stocks close lower on fallout of tightening on property market

19:27, April 22, 2010      

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Hong Kong stocks fell for the second consecutive day Thursday as investors were still worried about the impact of the tightening measures on property market.

The benchmark Hang Seng index closed down 55.99 points, or 0.26 percent, to 21,454.94 points, after trading between a day high of 21,471.11 and a day low of 21,206.74 points.

Market turnover totaled 66.72 billion HK dollars (8.6 billion U. S. dollars), down from Wednesday's 68.66 billion HK dollars.

The H-share index fell 0.32 percent to close at 12,330.89 points.

Owing to a string of measures adopted by both the central Chinese government and the Hong Kong Special Administrative Region government to cool the sizzling property market, most property shares fell in the day.

Shares of Cheung Kong Holding Ltd., a powerful Hong Kong developer controlled by billionaire Li Ka-shing, shed 1.44 percent to close at 98.95 HK dollars. Henderson Land, another major developer, fell 1.12 percent to 50.75 HK dollars.

Sun Hung Kai Property Ltd. fell 1.65 percent to 113.3 HK dollars. New World Developer and Sino Land fell 3.44 percent and 2. 97 percent, respectively, to 14.58 HK dollars and 14.38 HK dollars per share.

Heavyweight China Mobile, the world's largest mobile operator by subscribers, edged down 0.44 percent to close at 78.6 HK dollars. It was the second fall in two days after the Beijing- based company posted lower-than-expected first-quarter profits.

Shares of three major State-owned banks, namely ICBC, Bank of China and China Construction Bank, all closed unchanged.

HSBC, one of the world's biggest banks, rose 0.43 percent to 82. 4 HK dollars per share.

Rainbow Brothers Holdings Limited, a Hong Kong-based investment holding company, rocketed 83.65 percent to close at 2.92 HK dollars, after the company said it would pay 3.244 billion HK dollars in a transaction regarding the acquisition of a 90-pct- stake in Harmonic Strait Credit Guarantee.

Harmonic Strait is a joint venture company that is licensed to carry on enterprise financing guarantee business in China's mainland.

Source: Xinhua


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