Shares in Hong Kong fell for a fourth straight trading day on Wednesday, as airlines led the declines.
The benchmark Hang Seng Index closed down 307.12 points, or 1. 31 percent, to end at 23,167.85, after trading between 23,138.73 and 23,586.79. Turnover totaled 91.77 billion HK dollars (about 11.83 billion U.S. dollars), up from 80.83 billion HK dollars on the previous trading day.
All four sub-indices lost ground, with the Finance sub-index falling the most by 1.51 percent, followed by the Utilities down 1. 32 percent, the Properties 1.14 percent, and the Commerce and Industry 1.1 percent.
Airlines ended broadly lower. Cathay Pacific, the largest airline of Hong Kong, plunged 7.68 percent to close at 15.38 HK dollars. Air China, the country's flag carrier, fell 3.79 percent to end at 6.61 HK dollars. Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, lost 1.04 percent to 66.4 HK dollars, while its local unit Hang Seng Bank closed down 2.53 percent to 146.4 HK dollars.
Local bourse operator HKEX went down 1.28 percent at 200. 4 HK dollars. Local developers Hang Lung Properties slid 2.57 percent to 18. 96 HK dollars. Henderson Land, another major developer in Hong Kong, fell 2.43 percent to 46.2 HK dollars, and Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka-shing, retreated 1.98 percent to 108.7 HK dollars.
As for mainland-based financial stocks, China Construction Bank, the country's second largest bank which accounts for the third largest weighting of the Hang Seng Index, closed 1.47 percent lower at 6.02 HK dollars. ICBC, the world's largest bank by market value, ended at 5.06 HK dollars, down 1.17 percent. Bank of China fell 0.74 percent to 4 HK dollars.
Energy shares posted lackluster performances. PetroChina, the country's largest oil and gas producer, slid 1.12 percent to 7.08 HK dollars. Sinopec, the nation's top oil refiner, lost 1.76 percent to end at 5.58 HK dollars. (1 U.S. dollar equals 7.761 HK dollars)
Latest comments