Hong Kong stocks close slightly lower

Hong Kong stocks close slightly lower

Hong Kong stocks tracked an overnight decline on Wall Street to close lower 0.25 percent Friday, ending a four-day rally of the Hang Seng Index.
The benchmark index opened 0.68 percent lower at 22,400.49. It moved between 22,240.86 and 22,528.84 before ending down 55.72 points at 22,498.15. Turnover rose to 74.04 billion HK dollars (about 9.56 billion U. S. dollars) from Thursday\’s 70.07 billion HK dollars (about 9.05 billion U. S. dollars).
The upward momentum of the index will be in place for the remaining weeks of the year because of rising optimism over a sustainable global economic recovery and as concerns over Dubai\’s debt crisis have receded, said analysts.
Three of the four major categories lost ground on Friday, with the utilities sub-index falling 0.73 percent, the commerce and industry losing 0.55 percent, and the finance, 0.11 percent. The properties sub-index was the only one to gain ground, going up 0.30 percent.
The China Enterprises Index rose 0.02 percent to close at 13, 461.55.
Market heavyweight HSBC finished down 0.37 percent at 93.45 HK dollars and its local unit Hang Seng Bank down 0.17 percent to 116.60 HK dollars.
China Mobile, the leading mobile carrier on the Chinese mainland, closed up 0.20 percent at 74.10 HK dollars.
Stocks of insurance firms were strong. Top insurer China Life swelled 2.63 percent to 41.00 HK dollars, while smaller rival Ping An rose 1.58 percent to 74.00 HK dollars. PICC swelled 4.42 percent to 7.09 HK dollars. But China Taiping dropped 1.41 percent to 28.05 HK dollars.
The leading Chinese mainland commercial lenders failed to extend recent strength, with Bank of China leading the decline, down 1.55 percent at 4.46 HK dollars. China Construction Bank dipped 0.28 percent to 7.18 HK dollars and ICBC lost 0.15 percent to 6.74 HK dollars. Bank of Communications was unchanged.
The mainland oil shares were mixed. PetroChina up 0.10 percent, while Sinopec down 0.30 percent. Offshore oil producer CNOOC ended flat.
As for local developers, Sun Hung Kai Properties, the largest residential housing developer in Hong Kong, rose 0.08 percent to close at 118.60 HK dollars. Henderson Land fell 2.31 percent to 59. 15 HK dollars. Cheung Kong, the flagship of Hong Kong\’s richest man Li Ka- shing ended flat.
Consumer product exporter Li &Fung dropped 3.76 percent to close at 33.25 HK dollars, the biggest fall among blue chips. (7. 742 HK dollars = 1 U.S. dollar)