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HK stocks close 3.06 pct lower

07-13-2011 08:41 BJT

HONG KONG, July 12 (Xinhua) -- Hong Kong stocks tumbled 684.07 points, or 3.06 percent, to close at 21,663.16 on Tuesday, following sharp decreases overnight in the U.S. stock market.

The benchmark Hang Seng Index traded between 22,092.57 and 21, 648.39 and closed with the biggest single-day drop in 14 months.

The Hang Seng China Enterprises Index went down 465.29 points, or 3.72 percent, to close at 12,032.03.

Turnover totaled 80.36 billion HK dollars (about 10.32 billion U.S. dollars).

All of the four sub-indices lost ground. The Finance sub-index was the biggest loser, dropping 3.21 percent, followed by Properties, which was down 3.12 percent. The Utilities performed best by sliding 1.18 percent.

Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index lost 2.99 percent to close at 74.75 HK dollars. The nation's largest telecom service provider China Mobile went down 1.99 percent to close at 71.5 HK dollars. Local bourse operator HKEx dropped 2 percent to 161.8 HK dollars.

Mainland-based lenders continued to fall after Monday's tumble. ICBC, the world's largest bank by market value, plunged 4.01 percent at 5.51 HK dollars. China Construction Bank fell 3.41 percent at 5.95 HK dollars. Bank of China dived 3.31 percent to 3. 51 HK dollars.

The U.S.-based insurer AIA was also lower, falling 3.64 percent to 26.45 HK dollars.

Property stocks were lower across the board. Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka-shing, lost 2.55 percent to 111.0 HK dollars. Sun Hung Kai Properties fell 2.06 percent lower to 114.1 HK dollars.

Henderson Land, another major developer in Hong Kong lost 2.15 percent at 47.85 HK dollars. Hang Lung Properties also went down 2. 91 percent to 30.05 HK dollars.

China Overseas and China Res Land were among the worst- performing constituent shares, falling 6.67 percent and 6.25 percent respectively.

For oils shares, the country's largest oil and gas producer PetroChina moved down 4.48 percent to 11.08 HK dollars. China's top refiner Sinopec dropped 3.46 percent, to close at 7.54 HK dollars. CNOOC dropped 2.96 percent to 17.68 HK dollars. (1 U.S. dollar equals 7.784 HK dollars).

Editor:Zou Xian |Source: Xinhua

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