Hong Kong Stocks Close at New 17-month LowHong Kong share prices sank to a new 17-month low on Friday as investors sold heavyweight blue chip stocks out of fears that share prices would not recovery very soon.The benchmark Hang Seng index lost 38.49 points, or 0.30 percent, to close at 12,583.36. China's largest mobile phone company, China Mobile, the Hang Seng index's second biggest constituent stock, fell in late trade, helping push the index into negative territory. The market turnover totaled 10.997 billion HK dollars (1,410 million US dollars), up from Thursday's 9 billion HK dollars (1.15 billion US dollars). All of the four sub-indices ended in negative territory, with Finance, Utilities, Properties and Commerce & Industry declining 0.55 percent, 0.02 percent, 0.28 percent and 0.18 percent, respectively. China-related stocks ended up with the Hang Seng China Enterprises Index gaining 1.50 percent and Hang Seng China-Affiliated Corporations Index gaining 0.77 percent. The Hang Seng IT Index moved down 1.53 percent, while the Hang Seng IT Portfolio Index rose 0.38 percent. The Hang Seng index shed nearly seven percent this week and is the worst performing benchmark in Asia so far this year. |
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