Weak financial heavyweights weigh down Hong Kong stocks - Jan. 24
Hong Kong stocks closed lower on Monday, owing to weak performance of financial heavyweights.
The benchmark Hang Seng index closed down 75.08 points, or 0.31 percent, to end at 23,801.78 points, after trading between a day high of 23,970.30 and a day low of 23,751.72 points.
Turnover totaled 64.67 billion HK dollars compared with Firday' s 78.02 billion HK dollars (1 U.S. dollar equals 7.796 HK dollar).
The finance sub-index, which covers 11 blue chips of the Hang Seng Index, lost 197.77 points, or 0.57 percent, to end at 34,707. 73 points.
China Construction Bank, the country's second largest bank which accounts for the third largest weighting of the Hang Seng index, fell 1.6 percent to 6.92 HK dollars.
Bank of China fell 1.44 percent to 4.11 HK dollars.
Local bourse operator Hong Kong Exchanges & Clearing lost 1.43 percent to 179.6 HK dollars.
China Life, one of the world's largest life insurers by market value, fell 0.95 percent to 31.15 HK dollars.
Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, rose 0.29 percent to 86.65 HK dollars.
Shares of another Hong Kong's major bank, Bank of East Asia, rose 1.28 percent to 35.6 HK dollars. The Industrial and Commercial Bank of China (ICBC) and Bank of East Asia had reached and signed an agreement in which ICBC would pay 140.23 million U.S. dollars to buy 80 percent interest of Bank of East Asia USA, the Hong Kong bank said late Sunday in a statement.
Shares of the ICBC, the world's largest bank by market value, fell 0.34 percent to 5.87 HK dollars.
Cosco Pacific, the HK-listed arm of China's shipping and transport giant Cosco Group, fell 2.14 percent to 14.62 HK dollars.
As Hong Kong shares fell for the third straight session, analysts said they don't expect any major swings in the benchmark index in the next few sessions as many investors will likely opt to stay on the sidelines ahead of the Chinese Lunar! New Yea r holiday, which begins in early February.
Source:Xinhua
The benchmark Hang Seng index closed down 75.08 points, or 0.31 percent, to end at 23,801.78 points, after trading between a day high of 23,970.30 and a day low of 23,751.72 points.
Turnover totaled 64.67 billion HK dollars compared with Firday' s 78.02 billion HK dollars (1 U.S. dollar equals 7.796 HK dollar).
The finance sub-index, which covers 11 blue chips of the Hang Seng Index, lost 197.77 points, or 0.57 percent, to end at 34,707. 73 points.
China Construction Bank, the country's second largest bank which accounts for the third largest weighting of the Hang Seng index, fell 1.6 percent to 6.92 HK dollars.
Bank of China fell 1.44 percent to 4.11 HK dollars.
Local bourse operator Hong Kong Exchanges & Clearing lost 1.43 percent to 179.6 HK dollars.
China Life, one of the world's largest life insurers by market value, fell 0.95 percent to 31.15 HK dollars.
Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, rose 0.29 percent to 86.65 HK dollars.
Shares of another Hong Kong's major bank, Bank of East Asia, rose 1.28 percent to 35.6 HK dollars. The Industrial and Commercial Bank of China (ICBC) and Bank of East Asia had reached and signed an agreement in which ICBC would pay 140.23 million U.S. dollars to buy 80 percent interest of Bank of East Asia USA, the Hong Kong bank said late Sunday in a statement.
Shares of the ICBC, the world's largest bank by market value, fell 0.34 percent to 5.87 HK dollars.
Cosco Pacific, the HK-listed arm of China's shipping and transport giant Cosco Group, fell 2.14 percent to 14.62 HK dollars.
As Hong Kong shares fell for the third straight session, analysts said they don't expect any major swings in the benchmark index in the next few sessions as many investors will likely opt to stay on the sidelines ahead of the Chinese Lunar! New Yea r holiday, which begins in early February.
Source:Xinhua
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