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People's Daily Online>>China Business

HK stocks close lower, China's developers fall

(Xinhua)

08:50, March 15, 2012

HONG KONG, March 14 (Xinhua) -- Hong Kong shares closed lower on Wednesday, dragged by developers in the Chinese mainland after Premier Wen Jiabao expected no easing policy on the property market as the home prices in China are still "far from reasonable."

Hong Kong stocks fell 31.81 points or 0.15 percent to close at 21,307.89 on Wednesday. The benchmark Hang Seng Index traded between 21,263.02 and 21,638.32. Turnover totaled 80.49 billion HK dollars (about 10.37 billion U.S. dollars).

The Hang Seng China Enterprises Index fell 55.87 points, or 0.49 percent, to close at 11,300.41.

Three sub-indices lost ground, with the Utility sub-index falling the most by 0.49 percent, followed by the Commerce and Industry 0.33 percent and the Properties 0.09 percent. The Finance rose 0.03 percent.

China Resources Land fell 0.4 percent to 13.76 HK dollars, and China Overseas Land was down 0.4 percent at 15.78 HK dollars.

Cathay Pacific dropped 2.8 percent to 15.14 HK dollars as the worst-performing blue chip, after reporting its net profit for 2011, sank 61 percent. Esprit fell on profit taking, ending down 0.7 percent at 18.08 HK dollars.

Bucking the trend, heavyweight HSBC rose 2.4 percent to 69.30 HK dollars, after it said it isn't exiting any markets in Asia, denying a Financial Times report that the bank plans to sell or close retail operations in seven Asian countries.

Li and Fung, manager of supply chains for retailers including Wal-Mart Stores, jumped 4 percent thanks to encouraging U.S. retail figures.

Among other blue chips, HKEX, the city's sole bourse operator, was up 0.1 percent to 139.00 HK dollars. Hang Seng Bank fell 0.8 percent to 103.90 HK dollars. ( 1 U.S. dollar = 7.761 HK dollars)

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