Hong Kong stocks slump 1.67%

Hong Kong stocks tracked Wall Street's huge losses on the weekend to close 1.67 percent lower on Monday.

The benchmark Hang Seng Index fell 262.57 points, or 1.23 percent, to open at 20,999.32 and floated between the day's highest 21,21,031.08 and the day's lowest 20,844.15 before closing at 20,906.31.

Turnover fell sharply to 41.1 billion HK dollars from Friday's 63.44 billion HK dollars as market sentiment remained weak.

Among 43 components of the Hang Seng Index, declining shares outnumbered advancers 39 to 4.

Market heavyweight HSBC, which accounts for the largest weighting of the Hang Seng Index, lost 1.46 percent to 121.7 HK dollars, dragging the index by 50.22 points alone.

China Mobile, the largest stock measured by market capitalization, weakened 2.34 percent to 87.5 HK dollars, downing the index by 54.26 points.

Wharf, Hong Kong's largest property leasing company outperformed the entire market by adding 0.88 percent to 28.75 HK dollars. HK Electric, the city's utilities company, edged up 0.5 percent to 50 HK dollars. China's largest Internet and on-line gaming company Tecent and the country's largest alumina producer CHALCO were two other out performers, up 0.75 percent to 67.5 HK dollars and 1.14 percent to 7.1 HK dollars respectively.

Hong Kong Exchanges and Clearing Limited, the market's sole operator, dropped 1.96 percent to 100 HK dollars.

Local property companies in Hong Kong all fell on Monday. Cheung Kong, one of Hong Kong largest house developers controlled by tycoon Li Ka-shing, shed 0.89 percent to 111.2 HK dollars. SHK Property, the largest house developer in Hong Kong, lost 1.02 percent to 106.5 HK dollars. New World Development slumped 4.17 percent to 11.5 HK dollars. Sino Land weakened 2.32 percent to 13.5 HK dollars. Henderson Land dropped 1.58 percent to 46.75 HK dollars. Hang Lung Property fell 3.2 percent to 24.2 HK dollars.

China Enterprise Index, or H-shares composed of companies registered in the Chinese mainland, went down 225.55 points, or 1.93 percent, to 11,438.88 as stock markets in the Chinese mainland were still weak.

Energy companies were lower. PetroChina, or the country's largest oil producer, fell 1.59 percent to 9.88 HK dollars. Sinopec, Asia's largest oil refiner, went down 2.93 percent to 7.3HK dollars. CNOOC, China's largest offshore oil producer, dipped 0. 5 percent to 12 HK dollars.

China's banks and insurance companies listed in Hong Kong all retreated. ICBC, China's largest lender, slid 0.74 percent to 5.37HK dollars. Bank of China, the country's second largest bank, fell1.77 percent to 3.33 HK dollars. China Construction Bank lost 1.88percent to 6.28 HK dollars. Bank of Communications shed 1.65 percent to 8.92 HK dollars. China Merchants Bank weakened 1.71 percent to 25.95 HK dollars.

China Life, the country's largest insurer, also lost 2.01 percent to 29.25 HK dollars. Ping An, the second largest insurance company, moved down 1.21 percent to 57 HK dollars.

Source:Xinhua