HK stocks close 1.3 pct lower

08:55, April 20, 2011      

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Hong Kong stocks went down 309. 69 points, or 1.3 percent, to close at 23,520.62 on Tuesday, treading falling U.S. stock market as the nation's debt outlook was downgraded by a ratings agency.

The benchmark Hang Seng Index traded between 23,468.20 and 23, 654.86 after opening 0.74 percent lower.

The Hang Seng China Enterprises Index, which tracks the so- called HK-listed mainland stocks, fell 1.22 percent to close at 13, 246.86.

Turnover contracted from Monday's 71.15 billion HK dollars to 69.32 billion HK dollars, reflecting waning confidence by investors for short-term growth prospect of the market.

All four sub-indexes of the benchmark index retreated, with Properties falling the most.

Heavyweight HSBC went down 0.85 percent to 81.6 HK dollars. Telecom giant China Mobile fell 0.48 percent to 72.05 HK dollars and the sole market operator HKEx decreased 1.49 percent to 178.7 HK dollars.

Among financial shares, China's "Big Four" were all lower. The country's biggest mortgage lender CCB went down 1.5 percent to 7. 23 HK dollars, contributing 25 points to the fall of the Hang Seng Index. ICBC fell 1.98 percent to 6.43 HK dollars, dragging the index down by 30 points.

Bank of China slumped 1.61 percent to 4.29 HK dollars and Agricultural Bank of China, the last of the quartet listed in Hong Kong, fell 1.1 percent to 4.5 HK dollars.

For property developers, Cheung Kong moved down 1.9 percent to 124.1 HK dollars. SHK Properties fell 1.3 percent to 121.6 HK dollars and Henderson Land lost 1.47 percent to 53.75 HK dollars.

The three leading oil shares were all down, with CNOOC declining 2.07 percent to 18.9 HK dollars and PetroChina down 1.56 percent to 11.38 HK dollars. Sinopec went down 0.63 percent to 7. 88 HK dollars.

Source: Xinhua
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