Biz News Flash

HK stocks slip on loss of heavyweight - May 13

(Xinhua)
Updated: 2011-05-13 13:14

HONG KONG -- Hong Kong stocks slipped on Thursday as heavyweight HSBC dropped.

The benchmark Hang Seng Index toppled 218.04 points to close at 23,073.76 points, after trading between a day high of 23,127.98 points and a day low of 22,985.54 points.

Turnover shrank to HK$67.25 billion ($8.66 billion) from Wednesday's 75.33 billion HK dollars.

The H-Share Index moved down 166.38 points, or 1.28 percent, to end at 12,795.95 points.

Banking giant HSBC edged down 1.27 percent to close at HK$81.8. China Mobile, China's dominant mobile carrier ended flat at HK$72.25.

Mainland lenders listed in Hong Kong dropped. ICBC, China's largest bank by market value, edged down 0.93 percent to close at HK$6.36; CCB, the country's second largest lender by market capitalization, decreased 0.83 percent to close at HK$7.15; BOC, one of the "big four", ended down 0.94 percent at HK$4.22.

Major local developers fell. Sun Hung Kai, HK's largest property developer by market value, moved down 0.3 percent to close at HK$120.5; Cheung Kong properties, owned by billionaire Li Ka-shing, edged down 1.2 percent to HK$115.7.

PetroChina, the country's largest oil and gas producer closed down 1.3 percent to HK$10.66; Sinopec, China's top refiner, moved down 0.78 percent to HK$7.61.

China Life, one of the world's largest life insurers by market value, ended down 1.12 percent at HK$26.5. ($1 is equivalent to HK$7.77.)