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Hang Sen on grid solar inverter g Index down 3.34% on Mon
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Hang Seng Index down 3.34% on MonPublished: 22 Dec 2008 01:42:51 PST

Dec. 22, 2008 (China Knowledge) – Hong Kong stocks dropped sharply on Monday, following the fall on the A-share market.

The Hang Seng Index, the benchmark, opened 49 points higher at 15,177, after touching the intraday low of 14,622.39 points, the blue chip Hang Seng Index, dropped 505.12 points or 3.34% to close at 14,622.39. Mainboard turnover rose to HK$36.53 billion.

Hang Seng China Enterprise Index, which tracks the overall performance of 43 Chinese mainland state-owned enterprises on the Hong Kong Stock Exchange, edged down 296.89 points to 8,138.42 points.

Market heavyweight HSBC Holdings Plc<5><HBC>, which accounts for the largest weighting for the Hang Seng Index, shed 3.26% to HK$74.05.

Another market heavyweight China Mobile<941><CHL>, the largest firm by capitalization in the Hong Kong market, fell 5.52% to HK$77.00.

Sun Hung Kai Properties<16> fell 5.71% to HK$66.00. Cheung Kong<1> tumbled 5.40% to HK$77.05, while Hopson Development<754> plunged 3.16% to HK$5.82.

Offshore oil producer CNOOC<883><CEO> lost 2.91% to HK$7.00. Sinopec<600028><386><SNP>, Asia’s largest oil refiner, fell 2.64% to HK$5.16, while PetroChina<601857><857><PTR>, the country’s largest oil producer and also involved in refining business, ended 2.85% lower at HK$6.81.

Aluminum Corp of China (Chalco)<601600><2600><ACH>, the country’s largest aluminum producer, dropped 3.41% to close at HK$4.53.

China Construction Bank (CCB)<601939><939> was down 4.58% to HK$4.58, while the nation’s largest lender Industrial & Commercial Bank of China (ICBC)<601398><1398> edged down 1.82% to HK$4.30.

Top insurer China Life Insurance<601628><2628><LFC> plummeted 4.08% to HK$23.55, while smaller rival Ping An Insurance<601318><2318> dived 3.95% to HK$38.85.

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