HK stocks end 1.36% lower following Chinese mainland's markets

19:45, June 01, 2010      

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Hong Kong stocks closed 1.36 percent lower on Tuesday, led by Chinese mainland's property stocks, tracking declines on Chinese mainland's stock markets.

The benchmark Hang Seng Index fell 268.24 points, or 1.36 percent, to close at 19,496.95 on Tuesday after trading between 19,463.35 and 19,600.57 during the session.

Turnover totaled at 49.52 billion HK dollars (6.36 billion U.S. dollars) slightly up from Monday's 47.56 billion HK dollars (6.1 billion U.S. dollars).

Analysts still expected Hong Kong stocks to rise in June, after the blue-chip index fell 6.4 percent in May, the largest monthly loss since January. Some analysts said the index may range between 19,400 and 20,000 in the near term.

Chinese mainland's property stocks led the decline at Hong Kong's bourse on expectation of property-market cooling measures in the mainland. The State Council agreed to press ahead with the housing property tax reform step by step.

China Overseas slumped 4.69 percent to 14.64 HK dollars. China Res Land fell 5.16 percent to 13.96 HK dollars.

China's major oil company Sinopec fell 1.8 percent to 6.08 HK dollars because of Chinese mainland's plan for gasoline price-cut

Among other blue chips, HKEX dropped 0.59 percent to 118.9 HK dollars. Heavyweight HSBC Holdings slid 1.12 percent to 70.40 HK dollars.

Chalco, China's top aluminum producer, dropped 4.66 percent to 6.34 HK dollars after the company raised the spot alumina price by 5 percent.

On Chinese telecom stocks side, China Mobile was down 0.81 percent to 73.1 HK dollars. China Unicom and China Telecom fell 0. 73 percent and 2.23 percent respectively.

Chinese mainland's financial stocks sank. On insurance stocks side, China Life and Ping An both fell 2.19 percent. PICC P&C slid 3.36 percent.

CCB fell 1.27 percent, while ICBC down 1.91 percent, Bank of China down 1.29 percent, and CM Bank down 2.6 percent.

Source: Xinhua


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