Hong Kong stocks dived for a seventh consecutive trading day on Monday, tracking losses in the Chinese mainland and global markets. The benchmark Hang Seng Index dropped 1,158.05 points, or 5.17 percent, to close on Monday at 21,251.57 points. It traded between 21,136.48 and 21,679.45. Turnover totaled 138.97 billion HK dollars (17.93 billion U.S. dollars), up from 118.28 billion HK dollars the previous trading day.
All four sub-indices lost ground, with the Commerce and Industry sub-index falling the most by 5.48 percent, followed by the Properties down 5.24 percent, the Finance 5.12 percent and the Utilities 2.93 percent. Blue-chips led the declines. Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, lost 4.31 percent to 62.1 HK dollars, while its local unit Hang Seng Bank retreated 4.18 percent to 133 HK dollars. Local bourse operator HKEX went down 6.99 percent at 178.3 HK dollars.
Local developers Hang Lung Properties dropped 5.46 percent to 17.3 HK dollars. SHK Properties, another major developer in Hong Kong, fell 6.06 percent to 97.7 HK dollars, and Cheung Kong Holding, a powerful HK-based developer controlled by billionaire Li Ka-shing, retreated 4.04 percent to 98.55 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 4.66 percent lower at 5.52 HK dollars. ICBC, the world's largest bank by market value, ended at 4.7 HK dollars, down 4.67 percent. Bank of China fell 4.39 percent to 3.7 HK dollars.
Energy shares were broadly lower. PetroChina, the country's largest oil and gas producer, fell 4.22 percent to 6.35 HK dollars. Sinopec, the nation's top oil refiner, lost 3.02 percent to end at 5.14 HK dollars. (1 U.S. dollar equals 7.754 HK dollars)
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