Hong Kong stocks closed sharply lower on Monday by diving 746.7 points following the Wall Street's tumble amid a series of disappointing economic data.
The benchmark Hang Seng Index dived 840.1 points, or 3.45 percent, to open at 23,491.57 and narrowed its losses to 717.17 points, or 2.95 percent, at 23,614.5 during the morning session before falling 746.7 points, or 3.07 percent, to close at 23,584. 97.
Turnover rose slightly to 81.12 billion HK dollars (10.4 billion U.S. dollars ) from Friday's 80.15 billion HK dollars (10.31 billion U.S. dollars).
All the 43 constituents of the Hang Seng Index fell. Market heavyweight HSBC, or the market's second largest stock measured by capitalization, fell 1.16 percent to 119.3 HK dollars with the most turnover before it posted its annual report for 2007 after trading, pulling down the index by 44.3 points alone.
Despite its disposal reserve for the subprime mortgage-related bad-assets in the United States, HSBC's net profits attributable to shareholders in 2007 rose to 19.13 billion U.S. dollars, an increase of 21 percent from a year earlier.
Earnings per share for HSBC grew 17.9 percent to 1.65 U.S. dollars from 1.40 U.S. dollars in 2006.
Analysts said HSBC's report in profits of 2007 were within the market expectation and might help stabilize the Hong Kong market in the short-term.
Another market heavyweight China Mobile, or the largest mobile phone operator in the country, lost 3.25 percent to 116.1 HK dollars, dampening the index by 103.52 points.
Oil companies were weaker. PetroChina, the country's largest oil producer, dropped 4.9 percent to 11.26 HK dollars. CNOOC, China's largest offshore oil company, lost 5.51 percent to 12.68 HK dollars. Sinopec, Asia's largest refiner, weakened 3.95 percent to 8.5 HK dollars.
Hong Kong's property sectors were all down. SHK Properties, the largest house developer in Hong Kong, fell 3.88 percent to 133.6 HK dollars. Cheung Kong lost 3.7 percent to 114.6 HK dollars. Henderson Land plunged 5.17 percent to 58.7 HK dollars. New World Development went down 4.43 percent to 20.5 HK dollars. Sino Land was down 1.9 percent to 19.6 HK dollars. Hang Lung dropped 2.44 percent to 28.05 HK dollars.
Hong Kong Exchange and Clearing Limited, the market's sole operator, fell 3.77 percent to 145.7 HK dollars.
China Enterprise Index, or H-shares, which was composed by 43 companies registered on the Chinese mainland, dropped 491.96 points, or 3.53 percent, to 13,439.92 despite the gains in the A- shares markets on the Chinese mainland.
Mainland's banking and insurance stock listed on the Hong Kong Exchange all fell. ICBC, China's largest lender, plunged 3.97 percent to 5.32 HK dollars. Bank of China, the country's second largest bank, dropped 2.7 percent to 3.25 HK dollars. China Construction Bank, the third largest bank on the Chinese mainland, lost 3.8 percent to 5.82 HK dollars. China Life, the country's largest life insurer, fell 4.29 percent to 30.1 HK dollars. Ping An went down 3.37 percent to 58.75 HK dollars. (7.8 HK dollars = 1U.S. dollars)
Source: Xinhua
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