HK shares close 1.67 pct lower

10:09, July 12, 2011      

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Hong Kong stocks went down 379. 20 points, or 1.67 percent, to close at 22,347.23 on Monday.

The benchmark Hang Seng Index opened down 127.81 points, or 0. 56 percent and traded between 22,589.62 and 22,307.22 during the day's session. Turnover totaled 58.39 billion HK dollars (about 7. 5 billion U.S. dollars).

The Hang Seng China Enterprises Index dropped 259 points, or 2. 03 percent, to close at 12,497.32.

All of the four sub-indices lost ground. The Finance sub-index was the biggest loser, dropping 1.84 percent, followed by the Commerce and Industry, losing 1.64 percent, the Properties, down 1. 62 percent, the Utilities, slid 0.42 percent.

Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index lost 1.53 percent to close at 77.05 HK dollars. Its local unit Hang Seng Bank fell 0.97 percent to 122.9 HK dollars.

Bank of East Asia, another Hong Kong's major bank, ended 1.55 percent lower at 31.75 HK dollars. Local bourse operator Hong Kong Exchanges and Clearing dropped 1.43 percent to 165.1 HK dollars.

Mainland-based lenders tumbled. ICBC, the world's largest bank by market value, slumped 2.22 percent at 5.74 HK dollars. China Construction Bank plunged 2.22 percent at 6.16 HK dollars. Bank of Communications dived 2.16 percent to 6.79 HK dollars. Bank of China sharply fell 2.68 percent to close at 3.63 HK dollars.

Local Property stocks plunged. Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka-shing, lost 2. 15 percent to 113.9 HK dollars. Sun Hung Kai Properties fell 1.52 percent lower to 116.5 HK dollars.

Henderson Land, another major developer in Hong Kong lost 2.3 percent at 48.9 HK dollars. Hang Lung Properties also went down 2. 67 percent to 30.95 HK dollars.

As for oils shares, the country's largest oil and gas producer PetroChina moved down 1.53 percent to 11.6 HK dollars. China's top refiner Sinopec dropped 1.5 percent, to close at 7.81 HK dollars. CNOOC dropped 1.5 percent to 18.22 HK dollars. (1 U.S. dollar = 7. 784 HK dollars).

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