Hong Kong stocks suffered one of its worst single-day drops in weeks Friday as market confidence was further smashed by Wall Street's tumble overnight.
Hong Kong market started its trading amid wide-ranging pessimism after the Wall Street's overnight slump due to renewed credit crisis worries, plunging 648.5 points, or 2.78 percent, to open at 22,694.23.
The benchmark Hang Seng Index widened its losses in the afternoon before diving 841.4 points, or 3.6 percent, to close the week's trading at 22,501.33, one of its worst single-day losses in weeks measured by percentage points.
Turnover rose to 83.02 billion HK dollars (10.64 billion U.S. dollars) from Thursday's 69.55 billion HK dollars (8.92 billion U. S. dollars) due to investors' panic selling of blue-chip stocks.
Market heavyweights like HSBC and China Mobile, two of the market's largest stocks measured by capitalization, were under huge selling-off pressure. Among 43 Hang Seng Index constituents, declining stocks outnumbered gainer 42 to 1.
HSBC lost 3.37 percent to 117.4 HK dollars, pulling off the index by 129.73 points alone.
China Mobile, the country's largest mobile phone operator, gave up 4.18 percent to 110.1 HK dollars, dragging down the index by 127.41 points alone.
China Unicom, another mobile phone operator in the country, was the only blue-chip stock that outperformed the entire market, up 0. 81 percent to 17.36 HK dollars amid the company's restructuring reports.
Oil companies all fell though crude oil closed near 106 U.S. dollars a barrel in global market. PetroChina, the country's largest oil producer, pulled off 4.71 percent to 10.52 HK dollars. CNOOC, China's largest offshore oil company, dipped 0.33 percent to 12.2 HK dollars. Sinopec, Asia's largest refiner, pummeled 7.69percent to 7.56 HK dollars.
Hong Kong's property sectors were all weaker. SHK Properties, the largest house developer in Hong Kong, plunged 5.05 percent to 126 HK dollars. Cheung Kong dropped sharply by 4.46 percent to 107. 1 HK dollars. Henderson Land lost 3.38 percent to 55.8 HK dollars. Sino Land dived 5.26 percent to 18.74 HK dollars. Hang Lung fell 4. 67 percent to 26.55 HK dollars. New World Development slumped 4.13 percent to 19.04 HK dollars.
Hong Kong Exchanges and Clearing Limited, the market's sole operator, declined 4.47 percent to 136.7 HK dollars as several investment banks lowered the target prices for the company.
China Enterprise Index, or H-shares, which was composed of 43 companies registered on the Chinese mainland, rushed down 459.06 points, or 3.51 percent, to 12,606.83.
China's banking and insurance stocks listed in Hong Kong all fell. ICBC, China's largest lender, lost 2.49 percent to 5.1 HK dollars. Bank of China, the country's second largest bank, dropped 2.18 percent to 3.14 HK dollars. China Construction Bank, the third largest bank on the Chinese mainland, was off 2.29 percent to 5.56 HK dollars. China Life, the country's largest life insurer, went down 3.08 percent to 28.35 HK dollars. Ping An slid 2.12 percent to 57.75 HK dollars. Bank of Communications slumped 3.62 percent to 8.53 HK dollars. China Merchants Bank plunged 4.82 percent to 24.7 HK dollars. (7.8 HK dollars = 1 U.S. dollars)
Source:Xinhua
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