Hong Kong's benchmark index slumped 729.58 points, or 3.15 percent, to close at 22,455.36 Wednesday, with a high but just-below-the-record turnover of 121. 06 billion HK dollars (15.46 billion U.S. dollars).
The plunge, triggered by regional sell-off upon U.S. market slide overnight, gave back more than the 614-point gain Hang Seng Index had made over the past two days.
The benchmark opened on Wednesday at 22,972.98 points, 211.96 points lower, and continued the overall downward trend in the morning and afternoon sessions. It plunged to as low as 22,209.79 points but finished at 22,455.36.
The Turnover of 121.06 billion HK dollars was much higher than Tuesday's 86.19 billion HK dollars (11 billion U.S. dollars) but below the record high.
Analysts attributed the plunge to concerns that the U.S. subprime issues were unlikely to be resolved soon, yen's strength and soaring oil price, and expected the benchmark index to find its support at a slightly lower level in short term.
Nearly all blue chips were losers, with China Mobile down 4 percent at 87.5 HK dollars, HSBC Holdings down 1.46 percent at 142. 2 HK dollars and China Life down 4.28 percent at 32.4 HK dollars.
Bank of East Asia emerged as the only blue chip to have gained, moving up 0.1 percent to close at 47.45 HK dollars on Wednesday.
The finance sub-index was down 900.72 points, or 2.49 percent, at 35,230.46.
Chinese banking giant ICBC went down 4.34 percent to 2.63 HK dollars. Bank of China (Hong Kong) closed at 20.2 HK dollars, 0.49 percent lower. Hang Seng Bank, which had been the star of Tuesday's surge thanks to good interim results, went down 3.3 HK dollars, or 2.66 percent, to 120.7 HK dollars.
The properties sub-index plunged 1,172.59 points, or 4.29 percent, to 26,171.47.
The commerce and industry sub-index slumped 465.64 points, or 3. 6 percent, to 12,463.28.
The utilities sub-index was down 599.21 points, or 1.65 percent, at 35623.17.
Source: Xinhua
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