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HK stocks dive to lowest level since last Oct.
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Hong Kong stocks dive 576.94 points, or 4.84 percent, to close at 11,344.58 on Monday as market heavyweight HSBC further pummeled by more than 24 percent.

The benchmark Hang Seng Index dipped 49.06 points, or 0.41 percent, to open at 11,872.46 and widened its losses and dived 576. 94 points, or 4.84 percent, to close at the day's lowest 11,344.58, near the important supporting mark at 10,767 recorded last October.

Turnover shrank to 35.79 billion HK dollars (4.62 billion U.S. dollars) from Friday's 46.9 billion HK dollars (6.05 billion U.S. dollars).

HSBC, which accounts for 15 percent of the weighting of the benchmark Hang Seng Index, free fell 24.14 percent to 33 HK dollars during the 10-minute price auction period after market closed, contributing to about 70 percent of the market's sharp declines.

HSBC's offer price for five new shares of 12 existing shares was 28 HK dollars in a rights issue to raise about 18 billion U.S. dollars from the market. Analysts said the plunge of HSBC might jeopardize the bank's efforts for the historic amount of rights issue.

Another market heavyweight China Mobile, the market's largest stock by capitalization and the country's largest mobile phone operator, fell 3.08 percent to 63 HK dollars, sending the index down by 46.29 points alone.

Among 42 constituents of the Hang Seng Index, losing shares greatly outnumbered advancing issues 31 to nine, with two companies unchanged.

Local banks in Hong Kong were all down. BOC Hong Kong, a bank note issuing bank in Hong Kong, weakened 4.55 percent to 6.3 HK dollars. Standard Chartered Bank, another note-issuing bank, dropped 2.15 percent to 79.65 HK dollars. Hang Seng Bank, a major local bank controlled by HSBC, also slumped 8.97 percent to 67 HK dollars. Bank of East Asia fell 7.36 percent to 12.34 HK dollars.

Most of Chinese banking and insurers listed in Hong Kong were down over worries of deflation in the Chinese mainland ahead of the country's latest economic readings in February. China will unveil its key February economic data on Tuesday.

Bank of China lost 1.81 percent to 2.17 HK dollars. China Construction Bank sank 2.95 percent to 3.95 HK dollars. Bank of Communications edged down 0.22 percent to 4.49 HK dollars. China Merchants Bank slipped 0.68 percent to 11.74 HK dollars.

China Life, the country's largest insurer, lost 1.17 percent to 21.05 HK dollars. Ping An, China's second largest insurance company behind China Life, moved down 1.08 percent to 36.8 HK dollars.

ICBC, China's largest lender, outshone the market by advancing 1.94 percent to 3.16 HK dollars.

Hong Kong Exchanges and Clearing Ltd., the market's sole operator, skidded 2.5 percent to 54.6 HK dollars.

Hong Kong's property companies were mixed. Sung Hung Kai Property dipped 1.24 percent to 55.8 HK dollars. Cheung Kong dropped 3.68 percent to 56.3 HK dollars. Henderson Land edged down 0.21 percent to 23.95 HK dollars.

Sino Land outperformed the entire market by gaining 1.96 percent to 5.71 HK dollars. Hang Lung Property added 0.58 percent to 13.88 HK dollars.

China's energy companies were mixed as oil prices rose above 46 U.S. dollars a barrel on expectation of an output cut by the Organization of Petroleum Exporting Countries (OPEC). PetroChina, the country's largest oil producer, dipped 0.39 percent to 5.1 HK dollars. Sinopec, the country's largest refiner, shed 3.44 percent to 3.65 HK dollars. CNOOC, China's largest offshore oil producer, beat the market by gaining 2.47 percent to 6.23 HK dollars. (7.75 HK dollars = 1 U.S. dollars)

(Xinhua News Agency March 9, 2009)

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