Hong Kong stocks moved up once on Friday morning following the Chinese mainland oil price hike announced overnight, but erased more than it has gained thereafter before closing slightly lower on profit taking.
International oil prices fell upon the announcement that the price cap for gasoline and petroleum will be about 18 percent higher from June 20, while the electricity price for industrial use was up 7.1 percent from July 1. Some of the analysts said the price hike could help reduce demand for oil on the international market.
The announcement send oil refining-concentrated giant Sinopec 5. 9 percent higher to 8.46 HK dollars in the morning, although it fell back later in the afternoon to close up 0.09 HK dollars, or 1. 13 percent, at 8.08 HK dollars.
Analysts said they expected the oil refining giants to continue suffer losses from oil refinery operations even after the price hike. Some of the investors were already using the chance to off load in the morning.
PetroChina moved in a similar curve and closed up 0.16 HK dollars, or 1.55 percent, at 10.46 HK dollars. But it has posted strong gains over the week.
CNOOC lost 0.4 HK dollars, or 3.07 percent, at 12.62 HK dollars.
The benchmark Hang Seng Index moved to as high as 23,411.63 in the morning and erased more than it has gained to close down 52.01 points, or 0.23 percent, at 22,745.60, which was also Friday's intra-day low.
Turnover went up to 72.69 billion HK dollars (9.32 billion U.S. dollars) from Thursday's 59.04 billion HK dollars (7.57 billion U.S. dollars).
The Hang Seng Index gained 153.3 points, or 0.68 percent, over this week, with uncertainties still ahead as there was no clear direction yet.
Power generator Huaneng Power suffered a loss of 0.18 HK dollars, or 2.73 percent, to close at 6.42 HK dollars, while mainland leading coal miner China Shenhua lost 1.4 HK dollars, or 4.31 percent, at 31.1 HK dollar.
Nineteen of the 43 blue chips lost ground, 21 were gainers and the rest 3 remained unchanged, with market heavyweight HSBC erased its gains to close flat at 124.4 HK dollars, and its local unit Hang Seng Bank also closing flat.
Giant mainland carrier China Mobile, also erasing its gains, closed in negative ground at 106.5 HK dollars, down 0.5 HK dollars, or 0.47 percent.
China Unicom lost 0.42 HK dollars, or 2.83 percent, at 14.44 HK dollars.
ICBC, one of the state commercial banking giants on the Chinese mainland, closed down 0.02 HK dollars, or 0.37 percent, at 5.43 HKdollars, while China Construction Bank closed down 0.79 percent, at 6.32 HK dollars.
Bank of China closed down 0.03 HK dollars, or 0.82 percent, at 3.62 HK dollars, while BOC Hong Kong gained 0.04 HK dollars to close at 19.9 HK dollars.
Sun Hung Kai Properties, Hong Kong's leading residential developer, added 0.5 HK dollars, or 0.43 percent, to close at 115.8 HK dollars, while Cheung Kong, led by Li Ka-shing, closed down 1. 6 HK dollars, or 1.40 percent, at 112.4 HK dollars.
The utilities sub-index turned out the only gainers among the four major categories, moving up 486.50 points, or 1.13 percent, at 43,515.29, while the commerce and industry genre lost the most, down 50.01 points, or 0.39 percent.
The properties sub-index lost 75.10 points, or 0.27 percent, at 27,692.46, while the finance category lost 0.21 percent at 34,158.39. (7.8 HK dollars = 1 U.S. dollar)
Source: Xinhua
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