HK Stocks End at Record LowHong Kong stocks dropped 71.52 points, or 0.61 percent, to end at 11,694.29 Monday, the lowest in 28 months.Properties stocks led the fall while the Telecom heavyweights supported the benchmark Hang Seng Index. Both Hutchison and property developer Cheung Kong hit 22-month lows on concern about the cost of Hutchison's investment in third generation mobile phone networks in Italy and a slide in value of its 4.9 percent stake in Deutsche Telekom. China Mobile gained 1.24 percent to 32.60 HK dollars. The turnover was 4.237 billion HK dollars (543 million U.S. dollars), the lowest since January 2 this year. Of the four sub indexes of Hang Seng, only utilities stocks rose 0.43 percent, while properties posted a 2.24 percent decline as a group, the biggest percentage loss. The Chinese mainland related stocks ended mixed. The H-share index of the Hong Kong-listed mainland companies decreased 0.55 percent while the red chip index of the Hong Kong-incorporated mainland companies gained 0.13 percent. The tech-heavy Growth Enterprise Index lost 2.45 points to end at 223.34 points. |
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