Money

Hong Kong stocks down 0.56% as mainland lenders fall - Oct 22

(Xinhua)
Updated: 2010-10-22 17:11

HONG KONG - Hong Kong stocks moved down slightly on Friday, while mainland lenders performed not well.

The benchmark Hang Seng Index decreased 131.94 points, or 0.56 percent, to close at 23,517.54 points, after trading between a day high of 23,647.32 points and a day low of 23,667.42 points.

Turnover totaled HK$84.03 billion ($10.82 billion), compared with Thursday's HK$94 billion.

The H-Share Index moved down 120.61 points, or 0.89 percent, to end at 13,494.8 points.

Banking giant HSBC Holdings PLC edged up 0.25 percent to close at HK$81.8. China Mobile Ltd, China's dominant mobile carrier, plunged 0. 68 percent, to end at HK$80.45.

Mainland lenders listed in Hong Kong moved down. Industrial and Commercial Bank of China, China's largest bank by market value, dipped 0.48 percent to close at HK$6.27; China Construction Bank, the country's second largest lender by market capitalization, edged down 1.72 percent to close at HK$7.41; Bank of China, one of the "big four", decreased 1.96 percent to HK$4.5.

Some major local developers dipped. Sun Hung Kai, Hong Kong's largest property developer by market value, moved down 0.37 percent to close at HK$134.5; New World Development, another major local developer, dropped 0.37 percent to close at HK$16.12.

China Life Insurance Co, one of the world's largest life insurers by market value, dropped 2.33 percent to end at HK$35.6.

PetroChina Ltd, the country's largest oil and gas producer moved down 0.71 percent to HK$9.76; Sinopec, China's top refiner, decreased 2.43 percent to HK$7.21. ($1 is equivalent to HK$7.77)