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| HK Stocks Fall 0.63 Pct over Profit-taking |
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Hong Kong stocks dropped 145.35 points, or 0.63 percent, to return below the 23,000-point level Monday as investors moved to take profits over recent gains following a series of fresh records. The benchmark Hang Seng Index opened flat at 23,098.66 Monday, only a tick from Friday's historic closing of 23,099.29, and headed down towards closing after fluctuating between intra-day high of 23,128.56 and intra-day low of 22,932.3. Turnover fell to 75.85 billion HK dollars (about US$ 9.7 billion) from Friday's 80.4 billion HK dollars (US$ 10.3 billion). Among 39 Hang Seng Index constituent shares, decliners outnumbered gainers 24 to 13, with two stocks standing unchanged. China Mobile, the largest stock measured by capitalization, fell 0.82 percent to 91.2 HK dollars, pulling down the index by 33.22 points. Another market heavyweight HSBC outperformed the entire market by gaining 0.35 percent to 144.9 HK dollars. The property sectors were mixed. Cheung Kong, one of Hong Kong's largest house developer controlled by tycoon Li Ka-shing, retreat 1.74 percent to 107.3 HK dollars. Hutchison, another real estate company controlled by Li Ka-shing, fell 1.35 percent to 83.85 HK dollars. New World Development lost 2.72 percent to 19.7 HK dollars. Wharf Holdings weakened 1.9 percent to 33.55 HK dollars. Sino Land went down 1.07 percent to 16.68 HK dollars. Henderson Land edged down 0.18 percent to 54.8 HK dollars. Hang Lung outperformed the index by adding 1.02 percent to 29.8 HK dollars. SHK Properties edged up 0.25 percent to 98.3 HK dollars. China Enterprise Index, or H-shares reflecting those Hong Kong-listed stocks of enterprises registered on the Chinese mainland, softened 1.25 percent to 13,036.01 following the downwards adjustments of stocks in China's mainland. PetroChina, the country's largest oil producer, lost 1.13 percent to 12.26 HK dollars. Sinopec, China's second largest oil producer, dropped 2.22 percent to 8.79 HK dollars. CNOOC, China's largest offshore oil producer, rose against the market over media reports that it has won oil exploration rights in Somalia, up 0.43 percent to 9.39 HK dollars. China's banking and insurers sectors all fell. ICBC, China's largest lender, lost 1.88 percent to 4.69 HK dollars. Ping An plunged 3.54 percent to 61.4 HK dollars. PICC was down 3.31 percent to 6.71 HK dollars. China Merchants Bank slumped 3.02 percent to 27.3 HK dollars. Bank of China declined 2.14 percent to 4.11 HK dollars. China Construction Bank moved down 1.02 percent to 5.82 HK dollars. China Life, the country's largest life insurer, lost 0.81 percent to 30.75 HK dollars. Bank of Communications receded 0.99 percent to 9.01 HK dollars. China Communications Construction surged 5.17 percent to 17.48 HK dollars. CHALCO jumped 2.83 percent to 15.28 HK dollars. (Xinhua News Agency July 17 2007) |
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