With the persistent worries about a global economic slowdown, Hong Kong shares closed sharply lower on Monday, with the main index downed below the 23,000-point support level.
The blue-chip Hang Seng Index ended 853.35 points, or 3.64 percent, lower at 22,616.11 after swinging between 23,404.74 and 22,569.53 during the session.
Turnover totaled 76,426 billion HK dollars (9,814 billion U.S. dollars).
Traders said they remained cautious as they worried that a recession in the U.S. will hurt global economic growth and affect China as well.
Monday's lack of momentum was also attributed to an extended break in the China and Japan markets and weakness in other regional bourses. Chinese mainland bourses will remain closed till Wednesday and Tokyo will be shut until tomorrow.
Hong Kong-listed mainland stocks slumped. Index heavyweight China Mobile was down 4.10 HK dollars or 3.5 percent at 112.70 andChina Life was down 1.20 HK dollars or 4.1 percent at 28.20.
China's largest offshore oil producer CNOOC was down 0.76 HK dollars or 6.5 percent at 11.02.
Industrial and Commercial Bank of China, the nation's biggest, lost 0.15 HK dollars or 3.1 percent at 4.72 HK dollars. Bank of China, which has the biggest subprime exposure among Chinese banks, fell 14 cents or 4.4 percent to 3.02 HK dollars.
HSBC Holdings dropped 4.60 dollars or 4 percent to 109.30. While Hong Kong's biggest airline Cathay Pacific Airways fell 0.20dollars to 17.02 dollars.
Air China, the mainland's biggest international carrier, retreated 47 cents or 6.1 percent to 7.18 HK dollars. China Eastern, the nation's third-largest airline, gained 7 cents or 1.4percent at 5.24 HK dollars.
During the week, investors will be waiting for the release of U. S. January retail sales figures to see whether there is enough reason to believe that the world's biggest economy is already in recession. (One U.S. dollar = 7.787 HK dollars).
Source: Xinhua
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