HK stocks decline for fourth consecutive day

18:34, November 17, 2010      

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Hong Kong stocks slumped for fourth consecutive day, as heavyweights and mainland big lenders fell on Wednesday's trading.

The benchmark Hang Seng Index decreased 478.56 points, or 2.02 percent, to close at 23,214.46 points, after trading between a day high of 23,618.24 points and a day low of 23,192.49 points.

Turnover totaled 103.05 billion HK dollars (13.28 billion US dollars), compared with last Friday's 101.88 billion HK dollars.

The H-Share Index moved down 316.24 points, or 2.4 percent, to end at 12,876.34 points.

Banking giant HSBC edged down 2.02 percent to close at 81.3 HK dollars. China Mobile, China's dominant mobile carrier, moved down 0.57 percent, to end at 77.9 HK dollars.

Mainland lenders listed in Hong Kong moved down. ICBC, China's largest bank by market value, dipped 2.84 percent to close at 6.17 HK dollars; CCB, the country's second largest lender by market capitalization, edged down 1.11 percent to close at 7.11 HK dollars; BOC, one of the "big four", decreased 2.94 percent to 4. 3 HK dollars.

Major local developers slipped. Sun Hung Kai, HK's largest property developer by market value, moved down 3.06 percent to close at 136 HK dollars; Cheung Kong properties, owned by billionaire Li Ka-shing, edged down 2.95 percent to 121.8 HK dollars.

China Life, one of the world's largest life insurers by market value, dropped 0.59 percent to end at 33.75 HK dollars.

PetroChina, the country's largest oil and gas producer moved down 3.25 percent to 9.53 HK dollars; Sinopec, China's top refiner, decreased 2.85 percent to 7.17 HK dollars. (One US dollar is equivalent to 7.76 HK dollars)

Source: Xinhua


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