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February 13, 2010

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Home » Business » Finance

HK stocks close lower on cautious investors

HONG Kong stocks ended slightly lower after a day of range trading yesterday, as investors remained cautious ahead of the Spring Festival holiday.

The Hang Seng Index tracked overnight gains on Wall Street to open 0.25 percent higher at 20,240.67. It drew support from a pledge by the eurozone economies to help Greece, which has been troubled by concerns over its sovereign debt risks.

The index closed down 0.11 percent at 20,268.69.

It has gained 3.07 percent over the week on reduced expectations for a rate hike in the near term.

Turnover further shrank to HK$45.67 billion (US$5.86 billion) yesterday, from Thursday's HK$52.94 billion.

The finance sub-index closed 0.38 percent lower, the commerce and industry category lost 0.04 percent, and the utilities lost 0.16 percent.

Banking giant HSBC ended down 0.74 percent at HK$80.75. Its local unit, Hang Seng Bank, however, closed up 0.09 percent at HK$109.50.

China Mobile, the leading mobile carrier on the Chinese mainland and another market heavyweight, shed 0.79 percent to HK$75.70. Smaller rival China Unicom finished 0.34 percent lower at HK$8.90.

The mainland-based banking giants also closed lower, with the largest commercial lender the Industrial and Commercial Bank of China down 0.36 percent, China Construction Bank down 0.5 percent and the Bank of China losing 0.52 percent. The Bank of Communications declined 0.75 percent.

Cheung Kong, the business conglomerate headed by Hong Kong's richest man Li Ka-shing, rose 1.6 percent. Sun Hung Kai Properties closed unchanged at HK$103.10.


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