Stocks News
- Hong Kong stocks plunge 2.3% amid fragile confidence
Date: 23-Nov-2007 Sources: (Xinhua Online)
HONG KONG, Nov. 22 (Xinhua) -- Hong Kong stocks turned surpluses into deficits and plunged 613.27 points, or 2.3 percent, to close barely above the 26,000 mark Thursday after stocks slumped on the Chinese mainland.
The blue-chip Hang Seng Index once rebounded 118.4 points, or 0. 45 percent, to close Thursday's morning session at 26,736.59 but sell-off moves mushroomed in the afternoon session after the bad news from markets on China's mainland.
The indicator lost 299.98 points, or 1.13 percent, to open at 26,318.21 on Thursday, following Wall Street's overnight slump due to economic uncertainty amid oil prices hikes and worsening credit crisis in the United States.
The benchmark Shanghai Composite Index on China's mainland, which closed trading one hour earlier that the Hong Kong Stock Exchange, slumped 230 points, or 4.41 percent, to finish at 4,984.16.
Turnover shrank to 123.77 billion HK dollars (15.87 billion U.S. dollars) on investor caution from Wednesday's 128.82 billion HK dollars (16.58 billion U.S. dollars).
China Mobile, the country's largest mobile phone operator and the market's largest stock measured by capitalization, continued to lose 1.94 percent to 126.5 HK dollars, pulling down the index alone by 76.71 points.
China Life, the largest life insurer in China, was another major stock that dragged down the indicator by 74.13 points. ChinaLife dived 4.76 percent to 39 HK dollars.
HSBC, another market heavyweight and the city's largest bank, fell 1.21 percent to 130.2 HK dollars, dampening the index by 41.47 points.
Hong Kong's property companies were among the worst hit. CheungKong sank 2.28 percent to 128.7 HK dollars. Henderson Land descended 3.57 percent to 59.4 HK dollars. SHK Properties lost 2.76 percent to 137.2 HK dollars. Hang Lung dropped 1.46 percent to 30.3 HK dollars. New World Development fell 2.74 percent to 24.85 HK dollars. Sino Land dipped 0.88 percent to 22.6 HK dollars.
Hutchison was the only property company that outperformed the market by adding 1.23 percent to 86.3 HK dollars.
Hong Kong Exchange and Clearing Limited, the market's sole operator, plunged 4.35 percent 211 HK dollars on the market's shrinking traded volume.
The H-shares index, which was composed of companies registered on the Chinese mainland, plummeted 432.08 points, or 2.7 percent, to close at 15,561.42 after the market slump on the Chinese mainland.
Oil sectors were mixed. PetroChina, the largest oil producer in China, lost 1.4 percent to 14.12 HK dollars. Sinopec, the largest oil refiner in Asia, weakened 1.76 percent to 10.04 HK dollars.
CNOOC, China's largest offshore oil producer, outperformed the market and added 0.63 percent to 12.74 HK dollars amid reports that the Chinese company is to buy stakes of a Nigerian offshore blocks from Shell.
All China's Banking and financials sank. ICBC, China's largest lender, lost 1.37 percent to 5.76 HK dollars. CCB, the second largest bank in China, sank 2.41 percent to 6.88 HK dollars. Bank of China went down 1.24 percent to 3.99 HK dollars. Ping An plunged 4.05 percent to 80.55 HK dollars. (7.77 HK dollars = 1 U.S. dollars)
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