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HK stocks close sharply lower
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Hong Kong stocks ended sharply lower Monday amid concerns that the U.S. could fall into recession and sharp falls on the Shanghai market.

 

The blue-chip Hang Seng Index fell 4.25 percent, or 1,068.76 points, to 24,053.61, after the index traded between 23,586.52 and 24,384.27 during the session.

 

Turnover totaled 107.79 billion Hong Kong dollars (13.82 billion U.S. dollars), down from 126.66 billion Hong Kong dollars (16.24 billion U.S. dollars) Friday.

 

Traders said they expect volatility in Hong Kong to continue in the near term. They said investors are now waiting for the outcome of the U.S. Federal Reserve's meeting on interest rates late Tuesday.

 

In the Chinese mainland, the benchmark Shanghai Composite Index, which tracks both A and B shares, fell 7.2 percent to 4,419.29 Monday as severe weather across much of the country has disrupted transport services, caused energy shortages and destroyed crops.

 

Analysts widely expect the U.S. Federal Open Markets Committee to cut the key federal funds rate half a percentage point to 3 percent, following the recent 75-basis point cut. They also said U.S. President George W. Bush may expand on the planned fiscal stimulus package for the U.S. economy when he delivers his State of the Union speech late Monday, which could help fuel a rebound in Hong Kong shares.

 

China Mobile, Hong Kong's biggest blue chip by capitalization, fell 4.8 percent to 117.10 Hong Kong dollars after ABN Amro, one of the largest banks in Europe, cut its price target to 180.00 Hong Kong dollars from 200.00 Hong Kong dollars on rising inflation and the likelihood of further interest rate hikes in China. The brokerage maintained its buy rating. It said it expects China Mobile to bottom out when an expected restructuring in China's telecommunications sector occurs. The company will resume its rise when the market refocuses on business fundamentals, ABN said.

 

Banking giant HSBC dropped 3.3 percent to 116.50 Hong Kong dollars on lingering subprime concerns and its exposure to the U.S. economy.

 

Chinese coal producer Shenhua Energy bucked downtrend by edging 0.1 percent higher to 41.85 Hong Kong dollars on rising coal prices.

 

(Xinhua News Agency January 29, 2008)

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