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A TV journalist shoots a screen showing
the stock index at a stock exchange in south China's Hong Kong, Oct. 10,
2008. Hong Kong stocks tumbled 1,146.37 points, or 7.19 percent, to close
at 14,796.87 on Friday amid the global financial tsunami, marking the
first time for the benchmark Hang Seng Index to end below 15,000 in about
three years.(Xinhua/Zhou Lei)
Photo
Gallery>>> |
HONG KONG, Oct. 10 (Xinhua) -- Hong Kong stocks
tumbled 1,146. 37 points, or 7.19 percent, to close at 14,796.87 on Friday amid
the global financial tsunami, marking the first time for the benchmark Hang Seng
Index to end below 15,000 in about three years.
Turnover totaled a moderate 69.37 billion HK dollars
(8.89 billion U.S. dollars), slightly higher than Thursday's 60.87 billion HK
dollars (7.80 billion U.S. dollars).
All the 42 blue chip stocks lost ground, with market
heavyweight HSBC Holdings shedding 8.2 HK dollars, or 6.95 percent, t 109.8 HK
dollars, in spite of the London-headquartered banking giant saying it had
abundant liquidity.
Analysts attributed the loss in its stock prices to
tight credit market, as the banks remained unwilling to lend to each other
despite high interbank rates, and to a spray of sell-off by fund managers as
investors hurried to make redemptions.
HSBC local unit Hang Seng Bank, which adjusted its
economic growth forecasts for Hong Kong in 2008 and 2009 on Friday, lost 7.55
percent at 109 HK dollars, while local player Bank of East Asia lost 3.59
percent to close at 20.15 HK dollars.
Mainland-based commercial banking group Bank of China
went down6.59 percent, while BOC Hong Kong lost 7.56 percent at 11 HK dollars on
high interbank loan interest rates.
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A trader looks on the market's movement
at a stock exchange in south China's Hong Kong, Oct. 10, 2008.
(Xinhua/Zhou Lei)
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Gallery>>> |
The financial sub-index suffered a loss of 7.54
percent, and the properties issues lost 9.64 percent, which was the biggest loss
among the four major categories. The utilities and the commerce and industry
sub-indices shed 6.88 percent and 6.23 percent, respectively.
Mainland-based commercial banking giant ICBC lost
7.41 percent to close at 3.75 HK dollars, while China Construction Bank lost
7.64 percent to 3.75 HK dollars.
China Life turned out one of the biggest losers with
a plummeting drop of 3.35 HK dollars, or 13.01 percent, at 22.4 HK dollars,
contributing 108.68 points to the change of the blue chip index, which was
second to only HSBC Holdings' 208.96 points.
China Mobile, another market heavyweight and by far
the largest mobile carrier on the Chinese mainland, lost 4.32 percent to end at
66.4 HK dollars, with a local investor services institution saying the stock may
outperform the market.
Cheung Kong, the real estate conglomerate headed by
"superman" Li Ka-shing, closed down 8.10 HK dollars at 67.5 HK dollars. SHK
Properties, the leading residential developer in the Hong Kong Special
Administrative Region, tumbled 11.63 percent on fears the local banks might
raise mortgage interest rates in the near future.
Oil giant PetroChina lost 0.37 HK dollars, or 5.81
percent, at 6 HK dollars and Sinopec ended down 8.56 percent at 4.81 HK dollars.
Offshore oil producer CNOOC closed down 9.23 percent at 5. 9 HK dollars as
international oil prices fell.
Shipping stock China COSCO closed down 8.04 percent
at 4.69 HK dollars. (7.8 HK dollars = 1 U.S. dollar)
