Hong Kong Stocks Dive Nearly 3 PercentHong Kong stocks ended sharply down Monday following Friday's five percent slump on US Nasdaq composite index and a near two percent fall on the Dow Jones Industrials.The benchmark Hang Seng Index shed 417.63 points, or 2.94 percent, to close at 13,776.72, the lowest level since May 30 last year. Losers outnumbered gainers 433 to 58 with 254 stocks remaining unchanged. Investors sold off property counters worrying that further interest rate cuts may be delayed since the latest US employment figure diminished the likelihood of further sharp cuts in US rates. A larger-than-expected 135,000 new jobs were created in the US in February, indicating that the US economy may not be slowing as rapidly as previously thought. The turnover on the Hong Kong market Monday was 8.564 billion HK dollars (1.098 billion US dollars), up from Friday's 5.265 billion HK dollars (675 million dollars). All of the four sub-indices of the Hang Seng Index sank, with Properties shed the most at 4.26 percent while Finance, Utilities and Commerce & Industry lost 2.40 percent, 2.15 percent and 2.96 percent respectively. China-related stocks ended lower with the Hang Seng China Enterprises Index down 3.48 percent and Hang Seng China-Affiliated Corporations Index down 4.38 percent. The Hang Seng IT Index lost 2.24 percent, while the Hang Seng IT Portfolio Index lost 3.35 percent. The market opened down 225.30 points, or 1.59 percent, at 13, 969.05 and closed the morning session at 13,737.55 points, down 456.80 points, or 3.22 percent. |
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