Stocks News
- HK stocks slump 3.2%
Date: 9-Nov-2007 Sources: (Xinhua Online)
HONG KONG, Nov. 8 (Xinhua) -- Losses on Wall Street overnight led to sharp falls on Hong Kong's stock market Thursday, wiping out the gains of the previous two sessions.
The benchmark Hang Seng Index ended down 948.71 points, or 3.2 percent, at 28,760.22 after trading between 28,545.70 and 29,009. 37 during the session.
H-share index, which reflected the performance of state-owned companies registered in the Chinese mainland, slumped 878.10 points, or 4.03 percent, to 20,929.67.
Turnover fell to 148.86 billion HK dollars (19.18 billion U.S. dollars) from Wednesday's 159.56 billion HK dollars (20.57 billion U.S. dollars).
Analysts expect the market to remain volatile in the near term with profit-taking continuing on concerns over the economic outlook for the U.S.
Overnight, the Dow Jones Industrial Average fell 2.6 percent and the Nasdaq Composite Index dropped 2.7 percent on concerns about the U.S. economic outlook after the U.S. dollar weakened, credit concerns resurfaced and General Motors made a major write down.
China Mobile, Hong Kong's largest blue chip by market capitalization, tumbled 3.8 percent to 137.90 Hong Kong dollars following news Wednesday that PetroChina, China Shenhua Energy and China Overseas Land and Investment will join the Hang Seng Index from Dec. 10, raising the number of constituents in the local benchmark index to 43 from 40. The additions will reduce China Mobile's weighting in the index.
Hong Kong and China Gas rose 4.3 percent to 21.60 Hong Kong dollars after Henderson Land sweetened its offer to buy Henderson Investment's entire 39.06 percent stake in the gas provider.
Henderson Land increased its offer 7.28 percent to 45.98 billion Hong Kong dollars (5.92 billion U.S. dollars), from 42.86 billion Hong Kong dollars (5.52 billion U.S. dollars) previously.
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