HK Stocks Fall with Depressed Telecom SectorHong Kong stocks fell 261.17 points or 1.46 percent to close at 17,659.69 Monday following a depressed telecom sector.Banking and property stocks fared better but some weakened after the benchmark index tested but met firm resistance at 18,000 in mid-morning trade. The turnover was also lower at 15.361 billion HK dollars (1.969 billion US dollars), 4.939 billion HK dollars less than the previous trading day's figure. Of the four sub-indexes of the HSI, Finance rose 0.71 percent while Utilities, while Properties and Commerce & Industry lost 0. 02 percent, 0.75 percent and 2.83 percent, respectively. China shares continued to draw strong buying with Hang Seng China Enterprises Index and Hang Seng China-Affiliated Corp Index rising 2.27 percent and 1.24 percent although gains were more modest than during last week's rally. Hang Seng IT Index and Hang Seng IT Portfolio Index were down 3. 07 percent and 1.31 percent, respectively. Hong Kong stocks lost 89.19 points, or 0.50 percent, to finish Monday's morning session at 17,831.67. The benchmark Hang Seng Index dropped 54.58 points, or 0.30 percent, to open at 17,866.28 Monday. |
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