Hong Kong stocks tracked Wall Street losses to open lower, rebounded towards mid-day, and then move downward again in the afternoon amid concerns over the effect of a strong U.S. dollar over the regional economy.
The benchmark Hang Seng Index opened down 1.71 percent at 21, 270.86 and closed down 1.61 percent at 21,293.32, although it once even stepped into positive ground at the day's high of 21,665.75. The lowest reading during the day was 21,223.38.
Turnover totaled 69.32 billion HK dollars (8.89 billion U.S. dollars), down slightly from Tuesday's 70.52 billion HK dollars (8. 98 billion U.S. dollars).
Analysts said they expected the index to continue its downward trend in recent term, citing the strength of the U.S. dollar, which they said prompted investors to cash in equity investments from emerging markets, including Chinese mainland and Hong Kong.
The financial sub-index slumped 2.71 percent, or 920.46 points, to close at 33,106.39, with market heavy weight HSBC moving down 1. 09 percent at 126.8 HK dollars.
HSBC local unit Hang Seng Bank moved down 0.75 percent at 158.2HK dollars.
ICBC, one of the mainland-based commercial giants, slumped 5.41percent to close at 5.45 HK dollars, China Construction Bank moved down 6.06 percent to 6.2 HK dollars, and Bank of China closed down2.62 percent, or 0.09 HK dollars, at 3.34 HK dollars.
China Mobile, the largest mobile carrier on the Chinese mainland and one of the market heavyweights, lost 1.80 percent to close at 92.8 HK dollars.
Mainland-based oil giant PetroChina was down 1.11 percent at 9.83 HK dollars and Sinopec closed down 1.99 percent at 7.9 HK dollars.
Offshore oil producer CNOOC, however, moved up 0.42 HK dollars, or 4.2 percent, at 10.42 HK dollars on the finding of a new oil field by the company.
The commerce and industry sub-index lost 0.91 percent at 11,485. 25, and the properties sub-index moved down 0.39 percent at 26,023. 55.
Sun Hung Kai Properties, the leading residential house developer in the Hong Kong Special Administrative Region, lost 0. 53 percent at 111.9 HK dollars.
Cheung Kong, the real property conglomerate headed by Hong Kong' s richest man Li Kai-shing, edged down 0.2 HK dollars, or 0.18 percent, at 109.7 HK dollars.
The utilities category, often the safe haven, moved up 0.17 percent at 43,897.16. (7.8 HK dollars = 1 U.S. dollar)
Source:Xinhua
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