| HK stocks weaken 0.19 pct to close trading for 2006 |
| Saturday,December 30,2006 Posted: 07:11 BJT(2311 GMT) Xinhua |
HONG KONG, Dec. 29 -- Hong Kong share prices lost support around the key 20,000-point level with the Hang Seng Index yielding 37.19 points, or 0.19 percent, to close this year's trade at 19,964.72 on Friday. The market consolidated around the 19,960 level and lacked further momentum for skywards movement on Friday since it breached the 20,000 point-level for the first time at Thursday's closing. The benchmark index opened at an all-time high 20,049.03 and tested the market strength repeatedly around 19,960-point level before closing at 19,964.72. Market turnover fell to 43.618 billion HK dollars (5.59 billion U.S. dollars) from Thursday's 54.29 billion HK dollars (about 7 billion U.S. dollars). Many market analysts said they expected the stocks to adjusted downwards in a short period of time by target the Hang Seng Index in 2007 to stand at about 22,000 point level. However, the bullish performance of Hong Kong stocks in 2006 has surpassed the expectations of many financial institutions, which once predicted the market to stand around 16,000 to 17,000 level. The market's Friday downwards movements was largely due to profit taking moves by investors who used the heated market sentiment to sell the telecommunications shares, which skyrocketed by about 20 percent to 40 percent during the past week. HSBC, the largest stock by market capitalization, moved down 0.14 percent to 142.6 HK dollars, burdening the entire market by 6.48 points. Market heavyweight China Mobile, China's largest telecommunication operator, fell 1.1 percent to 67.2 HK dollars, crumbling the entire market by 43.78 points. China Unicom plunged 8.36 percent to 11.4 HK dollars from a five year high, pulling down the entire market by 38.5 points. China Netcom lost 3.02 percent to 20.85 HK dollars, dragging down the market by 12.64 points. The most traded ICBC, China's largest lender, yielded 1.42 percent to 4.85 HK dollars on a market turnover of 4.06 billion HK dollars (520 billion U.S. dollars). Bank of China outperformed the entire market, surging 2.89 percent to 4.27 HK dollars. China Life, the country's top life insurer, weakened 2.04 percent to 26.45 HK dollars. CNOOC, China's largest offshore oil producer, soared 3.21 percent to 7.39 HK dollars. |
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