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HK Stocks Dive on Heavy Losses in US Market
Hong Kong stocks ended 2.38 percent lower Monday, in reaction to losses in the United States on a new wave of corporate profit warnings.
The benchmark Hang Seng Index was down 308.80 points, or 2.38 percent, to close at 12,690.68, having moved between 12,589.21 and 13,690.68. The day's turnover was 9.48 billion HK dollars (1.21 billion U.S. dollars), improved from Thursday's 7.9 billion HK dollars (1 billion U.S. dollars). The local bourse was closed last Friday due to the onset of Typhoon Utor.
Heavyweight China Mobile (Hong Kong) Ltd., the mainland's largest mobile phone company, led the broard-based losses, down 4. 4 percent to 39 HK dollars. Telecom plays were under selling pressure after a sharp fall in their overseas counterparts.
HSBC Holdings Plc fell below 90 HK dollars, dropping 1.6 percent and approaching its 52-week low of 88 HK dollars. Utilities, usually served as asylum in a volatile market, also edged down, while oil stocks bucked the general market downtrend, boosted by rising crude oil prices.
Of the four sub-indexes, only Utilities gained ground, moving up 0.65 percent. Finance, Properties, and Industry & Commerce suffered losses by 1.64 percent, 1.52 percent and 3.42 percent, respectively.
China-related stocks also underperformed, with the H-share index of Hong Kong-listed Chinese mainland companies falling 2.84 percent to 501.84 while the red chip index of Hong Kong- incorporated mainland companies dropping 3.79 percent to 1,133.76.
The Growth Enterprise Market (GEM) Index, which tracks the performance of the technology-laden second board, shed 6.76 points to close at 259.44.
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