Weak financial heavyweights weigh down Hong Kong stocks

19:16, September 28, 2010      

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Hong Kong stocks ended their streak of six consecutive gains on Tuesday, owing to weak performance of financial heavyweights.

The benchmark Hang Seng index closed down 230.89 points, or 1. 03 percent, to end at 22,109.95 points, after trading between a day high of 22,371.60 and a day low of 22,091.13 points.

Turnover totaled 78.93 billion HK dollars (10.17 billion U.S. dollars) compared with Monday's 81.89 billion HK dollars.

The finance sub-index, which covers 11 blue chips of the Hang Seng Index, lost 378.59 points, or 1.15 percent, to end at 32,429. 47 points. The properties sub-index, which covers 7 blue chips of the Hang Seng Index, tumbled 386.24 points, or 1.25 percent, to 30, 464.34 points.

Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, lost 1.53 percent to 80.35 HK dollars. HSBC unit and one of Hong Kong's local bank Hang Seng Bank, however, edged up 0.17 percent to 115 HK dollars, becoming the only financial blue chip to gain in the day.

Shares of another Hong Kong's major bank, Bank of East Asia, fell 0.46 percent to 32.8 HK dollars. Local bourse operator Hong Kong Exchanges & Clearing lost 2.49 percent to 149.1 HK dollars.

Mainland's financial heavyweights also ended up lower in the day.

Shares of the ICBC, the world's largest bank by market value, edged down 0.85 percent to 5.85 HK dollars. China Construction Bank went down 0.45 percent to 6.69 HK dollars.

Bank of China edged down 0.74 percent to 4.04 HK dollars. BOC Hong Kong, an unit of Bank of China, lost 1.88 percent to end at 23.45 HK dollars.

All property heavyweights closed lower. Shares of Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka-shing, fell 1.21 percent to 114.20 HK dollars.

Sun Hung Kai Property, one of the largest property companies in Asia, fell 1.23 percent to 128.90 HK dollars. Shares of Henderson Land, another major developer in Hong Kong, lost 2 percent to end at 53.75 HK dollars. Hang Lung Properties edge down 0.42 percent to 35.65 HK dollars.

China Overseas Land, a mainland-focused property developer, fell 0.59 percent to 16.98 HK dollars. Another mainland-focused developer, China Resources Land, ended at 16.66 HK dollars per share, down 3.03 percent.

Shares of China Mobile, the world's largest mobile operator by subscribers which accounts for the second largest weighting of the Hang Seng Index, fell 1.31 percent to 79.35 HK dollars.

Chinese telecom giant China Unicom was the worst-performing blue chip in the day, with its shares falling 4.27 percent to 11. 20 HK dollars. Chalco, China's top aluminum producer, was the largest blue-chip gainer, whose shares rose 4.27 percent to 7.32 HK dollars.

Shares of China's largest home appliance retailer Gome advanced 4.62 percent to end at 2.49 HK dollars, as the company held a special shareholders' general meeting in the day in Hong Kong.

Shareholders attending the meeting would vote on eight proposals, among which five were raised by Huang Guangyu, the jailed founder of Gome and the company's largest single shareholder.

Huang had proposed to remove current chairman of the board Chen Xiao, and install his sister and lawyer on the board. He had also asked to cancel the general mandate permitting the company's directors to issue Gome shares. (1 U.S. dollar equals to 7.759 HK dollars)

Source: Xinhua


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