Hong Kong stocks down 0.30%
Hong Kong stocks dropped 0.30 percent Wednesday as China Mobile »”>China Mobile and China Telecom fell after reporting worse-than-expected earnings.
The blue-chip Hang Seng Index went down 66.58 points to close at 22,318.11 after trading between 22,200.64 and 22,407.14 during the day’s session. The city’s benchmark index ended at a more than14-month high Tuesday of 22,384.96.
Analysts said they expect ample liquidity to continue to lend support in the near term, though there is limited room for furthergains as the recent rally isn’t justified by fundamentals.
Total turnover fell to 67.71 billion HK dollars (about 8.75 billion U. S. dollars), compared with Tuesday’s 74.18 billion HK dollars ( about 9.58 billion U.S. dollars).
Two of the four major sub-indexes finished the day higher. The finance category fell 0.12 percent, commerce and industry fell 0. 83 percent, while utilities and properties rose 0.19 percent and 0. 47 percent.
Market heavyweight HSBC shed 0.06 HK dollars, or 0.06 percent, to close at 89.25 HK dollars, while local unit Hang Seng Bank finished up 0.18 percent at 111.2 HK dollars.
China Mobile, the leading carrier on the Chinese mainland, edged down 1.91 percent at 77.25 HK dollars. China Telecom declined 2.6 percent at 3.72 HK dollars.
Mainland and local property developers were among the biggest gainers. Hang Lung Properties surged 4.0 percent, Henderson Land rose 2.6 percent and New World Development was up 2.8 percent. Cheung Kong, the flagship of Hong Kong’s richest man Li Ka- shing, was up 0.19 percent at 107.50 HK dollars.
Bank of China went up 0.66 percent, China Construction Bank down 0.72 percent and ICBC down 0.16 percent.
The Chinese oil shares also ended lower, with Petro China fell 0.78 percent, Sinopec sank 2.16 percent and CNOOC down 2.09 percent. (7.742 HK dollars = 1 U.S. dollar)
Tags: china stock, HK