Hong Kong stocks end sharply on U.S. market losses

09:45, February 06, 2010      

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Hong Kong stocks Friday closed down 676.56 points, or 3.33 percent, tracking losses on Wall Street and worries over credit crunch in Europe.

Photo taken on Feb. 5, 2010 shows the closing quotations of the Hang Seng Index in Hong Kong, south China, Feb. 5, 2010. The Hang Seng Index of the Hong Kong stock exchange declined 676.56 points, or 3.33 percent, to close at 19,665.08 points on Friday. (Xinhua/Huang Xiaoyong)

The benchmark Hang Seng Index opened 3.12 percent lower at 19, 706.24 on Thursday. It traded between 19,822.93 and 19,655.88 during the day's session, before closing at 19,665.08. Turnover totaled 77.47 billion HK dollars, compared with Thursday's 61 billion HK dollars.

Research Director of Cinda International Holdings Limited Cast Pang said decline in U.S. stocks sent local market lower and it was also affected by worries about the economic crisis in European countries.

The Hang Seng China Enterprises Index dived 474.1 points, or 4. 08 percent, to close at 11,131.78.

All the four sub-indices lost. The commerce and industry sub- index lost most, falling 3.55 percent, followed by the finance sub- index, losing 3.4 percent, the properties, 3.21 percent, and the utilities, 1.11 percent.

Heavyweight HSBC fell 3.76 percent, leading to a drop of 113 points alone to the benchmark index, to close at 80.7 HK dollars. Its local unit Hang Seng Bank slid 1.28 percent at 107.6 HK dollars. China Mobile down 1.01 percent to 73.85 HK dollars.

Chinese mainland lenders ended down. Bank of China declined 4. 21 percent to 3.64 HK dollars. China Construction Bank fell 3.01 percent to 5.81 HK dollars. ICBC retreated 3.16 percent to 5.51 HK dollars. Bank of Communications lost 4.81 percent to 7.52 HK dollars.

As for local developers, Cheung Kong, the flagship of Hong Kong 's richest man Li Ka-shing, went 3.12 percent down, at 90.1 HK dollars. SHK Properties, the leading residential housing developer in Hong Kong, ended 3.24 percent lower at 98.7 HK dollars. Henderson Land dropped 3.65 to 47.55 HK dollars.

PetroChina lost 5.83 percent to 8.4 HK dollars, offshore oil producer CNOOC fell 3.97 percent to 11.6 HK dollars. Sinopec went down 3.94 percent to 5.85 HK dollars.

Li & Fung edged down 0.44 percent to 34 HK dollars. China Life lost 3.22 percent to 33.05 HK dollars.(7.8 HK dollars = 1 U.S. dollar)

Source:Xinhua

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