Money

HK stocks edge down as heavyweight falls - May 11

(Xinhua)
Updated: 2011-05-11 17:02

HONG KONG -- Hong Kong stocks slipped on Wednesday as heavyweight HSBC fell.

The benchmark Hang Seng Index moved down 44.2 points to close at 23,291.8 points, after trading between a day high of 23,509.01 points and a day low of 23,232.42 points.

Turnover expanded to HK$75.33 billion ($9.69 billion) from Monday's HK$57.53 billion.

The H-Share Index moved up 27.86 points, or 0.32 percent, to end at 12,975.78 points.

Banking giant HSBC edged down 1.37 percent to close at HK$82.85. China Mobile, China's dominant mobile carrier ended up 0.91 percent at HK$72.25.

Mainland lenders listed in Hong Kong fluctuated. ICBC, China's largest bank by market value, edged down 0.47 percent to close at HK$6.42; CCB, the country's second largest lender by market capitalization, increased 0.14 percent to close at HK$ 7.21; BOC, one of the "big four", ended flat at HK$4.26.

Major local developers gained. Sun Hung Kai, HK's largest property developer by market value, moved up 0.25 percent to close at HK$120.8; Cheung Kong properties, owned by billionaire Li Ka-shing, edged up 0.13 percent to HK$117.1.

PetroChina, the country's largest oil and gas producer closed up 1.31 percent to HK$10.8; Sinopec, China's top refiner, jumped 0.26 percent to HK$7.67.

China Life, one of the world's largest life insurers by market value, ended down 0.19 percent at HK$26.8. ($1 is equivalent to HK$7.77)