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October 13, 2009

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Home » Business » Finance

HK stocks reverse gains to end down

HONG Kong stocks reversed opening gains to close down 200.09 points, or 0.93 percent, at 21, 299.35 yesterday, tracking losses on the Chinese mainland market and ending a five-day rally of the Hang Seng Index.
The benchmark index opened at the day's high of 21,623.33, but reversed early gains later. It once dipped to as low as 21,262.71 during the day's trading.
Turnover fell to a rather modest HK$44.18 billion (US$5.71 billion) from last Friday's HK$62.23 billion.
There were signs that the index has tracked Wall Street to gather moderate momentum over the past week, but resistance remained strong for the gauge at 21,930, the recent high recorded in mid-September, analysts said.
Market heavyweight HSBC finished down 65 cents, or 0.73 percent, at HK$88.1. Its local unit, Hang Seng Bank, shed 0.99 percent to HK$110.10.
China Mobile, the leading telco on the Chinese mainland, edged 0.52 percent lower at HK$76.85. Smaller rival China Unicom tumbled 2.69 percent.
Henderson Land bucked the losing trend to gain 60 cents, or 1.16 percent, to HK$52.35, making it the only blue chip contributing gains to the index change.
All four major categories of the index lost, with the commerce and industry sub-index dropping the most at 1.28 percent, followed by finance and utilities, which both shed 0.78 percent. The properties sub-index lost 0.52 percent.
Cheung Kong, the flagship of Hong Kong's richest man Li Ka-shing, lost 0.66 percent to HK$97.25, and Sun Hung Kai Properties, the largest residential housing developer in Hong Kong, shed 0.6 percent to HK$116.70.
The leading Chinese mainland commercial lenders also reversed morning gains in spite of announced buying in the mainland banking shares by the state-owned Central Huijin Investment Ltd. ICBC, the biggest commercial lender, lost 0.33 percent, and the Bank of China was off 0.7 percent. China Construction Bank shed 0.46 percent.
The China Enterprises Index fell 0.96 percent to close at 12,375.93.
The mainland oil shares were also lower, with PetroChina down 0.97 percent, Sinopec off 1.32 percent, and offshore oil producer CNOOC losing 0.89 percent.
HKEx, the sole exchange operator in Hong Kong, was down 1.32 percent at the finish.


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