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English>>China Business

HK stocks end 1.21 pct lower


07:51, October 27, 2012

HONG KONG, Oct. 26 (Xinhua) -- Hong Kong stocks fell 1.21 percent on Friday. The benchmark Hang Seng index closed down 264. 66 points to end at 21,545.57 points, after trading between 21,527. 54 and 21,847.70. Turnover totaled 55.13 billion HK dollars (about 7.11 billion U.S. dollars).

The Hang Seng China Enterprises Index fell 166.90 points, or 1.57 percent, to close at 10,449.53.

Four sub-indices all lost ground, with the Commerce and Industry sub-indice falling the most by 1.53 percent, followed by the Finance 1.11 percent, the Properties 0.99 percent and the Utility 0.30 percent.

Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, fell 0.9 percent to 75.90 HK dollars, while its local unit Hang Seng Bank ended 0.7 percent lower at 119.10 HK dollars. Bank of East Asia, another Hong Kong's major bank, closed up 0.3 percent to 29.20 HK dollars. Local bourse operator HKEX lost 1.9 percent to 125.90 HK dollars.

Local developers Hang Lung Properties slid 0.4 percent to 27.00 HK dollars. Henderson Land, another major developer in Hong Kong, decreased 0.4 percent to 56.90 HK dollars, and Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka- shing, fell 1.3 percent to 117.80 HK dollars.

As for mainland-based financial stocks, China Construction Bank, the country's second largest bank which accounts for the third largest weighting of the Hang Seng Index, moved down 1.0 percent at 5.74 HK dollars. ICBC, the world's largest bank by market value, decreased 1.2 percent at 5.09 HK dollars. Bank of China was down 0.3 percent to 3.14 HK dollars. Bank of Communications, China's fifth biggest lender measured by assets, retreated 2.2 percent to 5.74 HK dollars.

As for energy stocks, China's top refiner Sinopec ended down 1.8 percent to 8.02 HK dollars. PetroChina, the country's largest oil and gas producer, slid 1.1 percent to 10.54 HK dollars. (1 U.S. dollar equals 7.750 HK dollars)

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