Hong Kong stocks dive to 8-month low

GMT 13:01 2015 Thursday ,20 August

Arab Today, arab today Hong Kong stocks dive to 8-month low

Hong Kong bourse
Hong Kong - XINHUA

Hong Kong stocks dived for a fifth consecutive trading day to an eight-month low on Thursday, as declines in mainland markets erode support for the region's shares.

The benchmark Hang Seng Index slid 1.77 percent, or 410.38 points, to end at 22,757.47, after trading between 22,610.53 and 23,033.97.

Turnover totaled 105.07 billion HK dollars (about 13.56 billion U.S. dollars), up from 91.77 billion HK dollars the previous trading day.

All four sub-indices lost ground, with the Commerce and Industry sub-index falling the most by 2.25 percent, followed by the Finance down 1.61 percent, the Properties 1.14 percent, and the Utilities 0.82 percent.

Galaxy Entertainment Group Ltd., and Cathay Pacific Airways Ltd. retreated more than 3 percent, among the leading losses on the benchmark gauge.

Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, lost 1.58 percent to 65.35 HK dollars, while its local unit Hang Seng Bank closed down 2.66 percent to 142.5 HK dollars. Local bourse operator HKEX went down 2.34 percent at 195. 7 HK dollars.

Local developers Hang Lung Properties slid 0.84 percent to 18.8 HK dollars. Henderson Land, another major developer in Hong Kong, fell 2.16 percent to 45.2 HK dollars, and Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka-shing, retreated 2.67 percent to 105.8 HK dollars.

As for mainland-based financial stocks, China Construction Bank, the country's second largest bank which accounts for the third largest weighting of the Hang Seng Index, closed 1.66 percent lower at 5.92 HK dollars. ICBC, the world's largest bank by market value, ended at 5.01 HK dollars, down 0.99 percent. Bank of China fell 1.25 percent to 3.95 HK dollars.

Energy shares posted lackluster performances. PetroChina, the country's largest oil and gas producer, slid 4 percent to 6.8 HK dollars. Sinopec, the nation's top oil refiner, lost 2.67 percent to end at 5.43 HK dollars

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