Hong Kong stock market tracked falls on the Wall Street to open lower Thursday and widened its losses in the afternoon as it failed to find support from the mainland market, which slumped over 6 percent.
The benchmark Hang Seng Index opened at 22,849.36 on Thursday, down 476.44 points, or 2.04 percent, tracking overnight falls on the United States market upon resurfacing bank worries and FedEx profit warning.
It moved between 22,999.67 and 22,733.78 during the day and closed at 22,797.61, down 528.19 points, or 2.26 percent. Turnover fell to 59.04 billion HK dollars (7.57 billion U.S. dollars) from Wednesday's 71.22 billion HK dollars (9.13 billion U.S. dollars).
Analysts said they expected the market to remain weak over short term, given the pressures such as high oil prices, bank worries and potential rate hike in the United States, which could force the U.S. dollar-pegged Hong Kong banks to follow suit.
The Chinese mainland stock market were expected to be weak as well, they added.
Forty-two of the 43 blue chips turned out losers, whereas Esprit Holdings gained ground to close at 86.25 HK dollars, up 2. 25 HK dollars, or 2.68 percent, thanks to the strength of the euro and good results posted by the industry in Europe.
The properties sub-index lost the most among the four major stock categories, moving down 704.53 points, or 2.47 percent, at 27,767.56, while the commerce and industry category trailed with a loss of 2.46 percent at 34,231.95.
The finance sub-index moved down 722.23 points, or 2.07 percent, at 34,231.95, with market heavyweight HSBC Holdings falling 1.5 HK dollars, or 1.19 percent, at 124.4 HK dollars, contributing a fall of 41.82 points to the benchmark Hang Seng Index.
HSBC's local unit Hang Seng Bank edged down 0.2 HK dollars at 155.3 HK dollars.
Sun Hung Kai Properties, Hong Kong's leading residential developer, slid 3.1 HK dollars, or 2.62 percent, to close at 115.3HK dollars and Cheung Kong, led by Li Ka-shing, ended down 1.2 HK dollars, or 1.04 percent, at 114 HK dollars.
China Mobile, the leading mobile carrier on the Chinese mainland, extended its losses by moving down 1.6 HK dollars, or 1.47 percent, at 107 HK dollars.
ICBC went down 0.13 HK dollars, or 2.33 percent, at 5.45 HK dollars, while China Construction Bank went down 0.11 HK dollars to close at 6.37 HK dollars.
China Life, the mainland insurer, was down 0.8 HK dollars, or 2. 75 percent, at 28.3 HK dollars while Ping An lost 2.05 HK dollars, or 3.35 percent, at 59.2 HK dollars.
PetroChina went down 0.36 HK dollars, or 3.38 percent, to close at 10.3 HK dollars and Sinopec lost 0.33 HK dollars, or 3.97 percent, at 7.99 HK dollars.
The utilities sub-index closed down 797.82 points, or 1.82 percent, at 43,028.79. (7.8 HK dollars = 1 U.S. dollar)
Source: Xinhua
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