Hong Kong stocks close down 7.19%

(Xinhua)
Updated: 2008-10-10 21:41

HONG KONG - 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 (US$8.89 billion), slightly higher than Thursday's 60.87 billion HK dollars (US$7.80 billion).

All the 42 blue chip stocks lost ground, with market heavyweight HSBC Holdings shedding 8.2 HK dollars, or 6.95 percent, at 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 lending rates.

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.

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 investor services CLSA Asia-Pacific Markets saying the stock may outperform the market.

Mainland-based commercial banking giant ICBC lost 7.41 percent to close at 3.75 HK dollars, while PetroChina lost 0.37 HK dollars, or 5.81 percent, at 6 HK dollars. (7.8 HK dollars = 1 US dollar)