The turnover shrank steeply from Friday's 6.020 billion HK dollars (US$772 million) to HK$4.367 billion (US$594 million), the lowest turnover since January 3 this year.

Losers outnumbered gainers 299 to 151, with 301 issues unchanged.

Technology counters continued to lose ground after U.S. stocks fell on disappointing corporate results and a bleak forecast from software giant Microsoft.

China Mobile slipped 1.98 percent to HK$34.60, while top personal computer maker Legend Holdings dropped 0.6 percent to HK$4.125.

Shares of PCCW, the dominant telecom operator of Hong Kong, closed 4.71 percent lower at HK$2.025, after plunging as much as 7.3 percent to a new 52-week low of 1.97 HK dollars in early afternoon trade.

The company said on Friday it had scrapped a proposed bond offering, originally planned to be at least US$2.5 billion, that would have been used to partly refinance US$4.7 billion in bank loans.

Of the four sub indexes, only Utilities saw a 1.17 growth, while Finance, Properties and Commerce shed 0.18 percent, 0.51 percent and 0.98 percent respectively.

The market opened 68.93 points, or 0.56 percent, lower at 12,232.75 and ended the morning session at 12,213.77 points, down 87.91 points, or 0.71 percent.

(People's Daily 07/24/2001)