| Roundup: HK stocks dive following Wall Street fall |
| 2008-01-08 05:40 |
| From:Xinhua Article type:Reproduced |
HONG KONG -- Hong Kong stocks plunged 340.20 points, or 1.24 percent, to close at 27,179.49 on Monday, following a sell-off on Wall Street after U.S. jobs data sparked fresh fears of a recession in the world's largest economy. The benchmark Hang Seng index opened 557.15 points at 26,962.54 in the morning, and dived to a low of 26,698 points before it came off the day's lows as property stocks recovered from early falls. Turnover rose to 113.5 billion HK dollars (14.5 billion U.S. dollars) from Friday's 99.8 billion. Heavy weight HSBC fell 1.8 percent to 127.8 HK dollars, and China Mobile edged down 1 percent to 134.3 HK dollars. Property counters were mostly higher, Cheung Kong rose 1.7 percent to 146.7 HK dollars. SHKP gained 2.2 percent to 169.8 HK dollars. Sino Land was up by 3 percent to 28.45 HK dollars. China Eastern Airlines reversed early gains to end 3.8 percent lower to 6.66 HK dollars, while Air China dipped 2.6 percent to 10. 52 HK dollars on news of escalating bidding war over China Eastern Airlines. Air China's parent China National Aviation Corp (CNAC) has proposed a counter-bid of at least 5 HK dollars per share for a stake in China Eastern Airlines stake, trumping a joint offer by Singapore Airlines and Temasek Holdings that will go before a shareholder vote Tuesday. The H-shares not affected by macro control were speculated in turn. Sinoma was up another 5.32 percent amid hopes over capital injection, infrastructure concept stock China Railway that was awarded Beijing-Shanghai high-speed railway project contract up 2.11 percent, China Comm Cons up 0.66 percent. Oil stocks that led Friday's rally softened. PetroChina, CNOOC and Sinopec Corp dived 2.26 percent to 3.43 percent. Coal stocks ended mixed. China Shenhua was down 1.41 percent, Yanzhou Coal down 1.18 percent, but China Coal up 2.27 percent. The six big mainland banks sustained weakness. CCB, ICBC, Bank of China, Bankcomm, CM Bank and CITIC Bank dropped 0.75 percent to 3.38 percent. Analysts said that in the coming days, Hong Kong stocks will likely fluctuate between 27,000 and 28,000 points. (One U.S. dollar = 7.792 HK dollars) |
| (Source: English Site of Department of Information Technology) |
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