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Hong Kong Stocks Remain Lower with Red Chips Up
Hong Kong stocks fell 166.91 points, or 1.02 percent, to end at 16,267.47 points Monday with China-related H shares and red chips remained steady at higher levels.
Traders said that investors picked shares that would benefit from bullish economic news from China's mainland. "People have had enough of blue chips so they are looking at H-share and red chips which have been left behind recently," said a broker at Vickers Ballas.
Monday's turnover was 10.9 billion HK dollars (1.4 billion U.S. dollars), 1.8 billion HK dollars (230 million U.S. dollars) less than the previous trading day's 12.8 billion HK dollars (1.6 billion US dollars).
All the HSI sectors remained lower with Finance, Utilities, Properties and Commerce & Industry down 1.50 percent, 0.70 percent, 2.13 percent and 0.50 percent, respectively.
The Hang Seng China Enterprises Index rose 1.89 percent to 472. 06 points while the Hang Seng China-Affiliated Corp Index went up 2.20 percent to 1,270.86 points.
The Hang Seng IT Index fell 0.37 percent and the Hang Seng IT Portfolio Index edged down 2.74 percent Monday.
Hong Kong stocks dropped 101.69 points, or 0.62 percent, to open at 16,332.69 Monday. The benchmarker Hang Seng Index surged 354.04 points, or 2.20 percent, to close at 16,434.38 Friday.
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