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People's Daily Online>>China Business

Weak property heavyweights weigh down Hong Kong stocks

(Xinhua)

08:56, March 31, 2012

HONG KONG, March 30 (Xinhua) -- Hong Kong shares ended lower on Friday, owing to weak performance of property heavyweights.

The benchmark Hang Seng index closed down 53.81 points, or 0.26 percent, to end at 20,555.58 points, after trading between a day low of 20,374.03 and a day high of 20,566.09 points.

Turnover totaled 73.68 billion HK dollars (about 9.49 billion U. S. dollars) compared with Thursday's 56.24 billion HK dollars.

The Hang Seng China Enterprises Index rose 107.18 points, or 1. 02 percent, to close at 10,640.16.

Four sub-indices ended mixed. The Properties sub-index lost 5. 00 percent and the Utilities fell 0.14 percent. The Commerce & Industry added 0.39 percent and the Finance sub-index rose 0.04 percent.

Most Hong Kong property blue chips closed lower after two senior executives of Sun Hung Kai Properties were arrested by Hong Kong's top anti-graft body Independent Commission Against Corruption (ICAC) on suspicion of corruption.

Sun Hung Kai Property, one of the largest property companies in Asia, was the worst-performing blue chip in the day, with its shares falling 13.14 percent to 96.5 HK dollars.

Henderson Land, another major developer in Hong Kong, lost 2.50 percent to 42.85 HK dollars. Cheung Kong Holding, a powerful HK- based developer controlled by billionaire Li Ka-shing, went down 3. 00 percent to 100.3 HK dollars, while Hang Lung Properties rose 0. 53 percent to 28.45 HK dollars.

Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, lost 1.08 percent to close at 68.5 HK dollars. Bank of East Asia, another Hong Kong's major bank, fell 1.52 percent to 29.2 HK dollars. Local bourse operator Hong Kong Exchanges & Clearing fell 1.14 percent to 130.5 HK dollars.

Mainland-based financial stocks gained generally. China Construction Bank, the country's second largest bank which accounts for the third largest weighting of the Hang Seng Index, rose 0.50 percent to 6 HK dollars. ICBC,The world's largest bank by market value, went up 1.62 percent at 5.01 HK dollars. Bank of China added 1.62 percent at 3.13 HK dollars. Bank of Communications, China's fifth biggest lender measured by assets, rose 0.51 percent to 5.87 HK dollars.

Tingyi was the best-performing blue chip in the day, with its shares rising 3.70 percent to 22.45 HK dollars. (1 U.S. dollar equals to 7.76 HK dollars)

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