Hong Kong Stocks Down 1.28 Percent

The decline of telecom stocks pressed Hong Kong stock market down 186.61 points, or 1.28 percent, to close at 14,376.9 Friday.

Blue-chip China Mobile shares dropped 7.1 percent to close at 42.1 HK dollars, a fresh 10-month intra-day low while China Unicom shares hit their lowest level since the company was listed in June,losing 10 percent to finish at 12.6 HK dollars.

The market turnover was 8.123 billion HK dollars (1.041 billion U.S. dollars), much lower than Thursday's 12.232 billion HK dollars (1.568 billion U.S. dollars).

Of the four sub-indices of the benchmark Hang Seng Index, only Properties posted a 0.41-percent gain while Finance, Utilities and Industry & Commerce went down 0.42 percent, 0.09 percent and 2.62 percent respectively.

China-related stocks ended down with the Hang Seng China Enterprises Index sliding 0.38 percent and the Hang Seng China-Affiliated Corporations Index losing 1.3 percent.

The Hang Seng IT Index and the Hang Seng IT Portfolio Index lost 5.51 percent and 2.30 percent, respectively.

People's Daily Online --- http://english.peopledaily.com.cn/