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Hong Kong stocks rebound after seven-day slump

2015-08-25 17:23

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Hong Kong stocks rose 153.39 points, or 0.72 percent, to close on Tuesday at 21,404.96 points, ending a seven-day slump. The benchmark Hang Seng Index traded between 20,865.26 and 21, 871.40. Turnover totaled 134.5 billion HK dollars (17.35 billion U. S. dollars). The Hang Seng China Enterprises Index dropped 88.25 points, or 0.92 percent, to 9,514.04 points.

Three of the four sub-indices gained ground. The Commerce & Industry sub-index rose the most at 1.03 percent, followed by the Properties at 0.76 percent and the Finance at 0.56 percent, while the Utilities dropped 0.25 percent. Banking giant HSBC, which accounts for the largest weighting of the Hang Seng Index, retreated 0.64 percent to 61.7 HK dollars. Bank of East Asia, one of the largest local banks in Hong Kong, rose 1.53 percent to close at 26.5 HK dollars. Local bourse operator HKEX edged up 2.73 percent to 180 HK dollars.

China Mobile, China's dominant mobile carrier, gained 0.33 percent to 92.65 HK dollars. China Unicom, another Chinese telecom giant, fell 2.08 percent to 10.38 HK dollars. Local property stocks closed mixed. Sun Hung Kai, one of Hong Kong's largest property developer by market value, fell 1.54 percent to 96.2 HK dollars. Henderson Land rose 1.63 percent to 46. 85 HK dollars. CKH Holdings gained 3.81 percent to 102.3 HK dollars. Mainland-based financial stocks closed down. Bank of China slid 2.43 percent to close at 3.61 HK dollars.

China Construction Bank fell 1.09 percent to 5.46 HK dollars. Bank of Communication went down 1.18 percent to 5.88 HK dollars. ICBC lost 1.5 percent to 4. 63 HK dollars. As for energy stocks, China's top refiner Sinopec dropped 1.95 percent to 5.04 HK dollars. PetroChina, the country's largest oil and gas producer, shed 1.73 percent to 6.24 HK dollars. CNOOC moved down 2.35 percent to 7.91 HK dollars.

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