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HK stocks fall 0.91% over profit-taking, land auction
Last Updated(Beijing Time):2007-05-09 09:28
Hong Kong share prices dropped 0.91 percent Tuesday over investors' profit-taking moves amid a government land auction to close at 20,706.35, snapping the market's four-day streak of bull run.

Benchmark Hang Seng Index receded at Tuesday's opening along with the Asian stocks by losing 46.57 points, or 0.22 percent, to open at 20,850.07 after hitting an all-time high of 21,070.21 at one point on Monday.

A government land auction in the afternoon drew all major house developers in Hong Kong and investors took it as an opportunity to reap profits on property shares and market heavyweights like PetroChina, HSBC and China Mobile, crushing Hang Seng Index by 190.29 points, or 0.91 percent, to close at 20,706.35.

Turnover fell slightly to 58.34 billion HK dollars (7.47 billion U.S. dollars) from Monday's 68 billion HK dollars (8.71 billion U.S. dollars).

HSBC, the largest stock measured by capitalization, dipped 0.34 percent to 146.2 HK dollars, downing the entire market by 14 points.

Another market heavyweight China Mobile, the country's largest mobile phone operator, inched down 0.55 percent to 72.2 HK dollars, dragging the market by 17.96 points.

PetroChina, the country's largest oil producer, receded 1.48 percent to 9.97 HK dollars after a nearly 20 percent surge during the past few days after its huge oilfield find in north China's Bohai Bay.

Property sectors all fell ahead of a government land auction in the afternoon.

Cheung Kong, one of the largest house developer controlled by tycoon Li Ka-shing, lost 1.18 percent to 106 HK dollars on profit-taking after the stock once hitting fresh record high of 111.5 HK dollars on Monday, dampening the entire market by 22.7 points.

Hutchison, another real estate company controlled by Li Ka-shing, edged down 0.36 percent to 77.45 HK dollars, downing the entire market by 18.28 points.

Sino Land, which won the bidding in the 8,060-square meter land at a price of 4 billion HK dollars (512 million U.S. dollars), dipped 0.6 percent to 17.78 HK dollars.

Wharf dipped 0.15 percent to 32.35 HK dollars.

Henderson plunged 2.8 percent to 53.8 HK dollars.

SHK Properties lost 1.56 percent to 94.85 HK dollars.

Hung Lung softened 2.02 percent to 24.3 HK dollars.

New World Development plummeted 3.58 percent to 19.38 HK dollars.

China Enterprise Index adjusted downwards by 0.46 percent to 10,447.72.

China's banking and insurers sectors ended mixed. ICBC, China 's largest lender, stood unchanged at 4.32 HK dollars. China Construction Bank dropped 0.61 percent to 4.92 HK dollars. Bank of China lost 1.02 percent to 3.89 HK dollars. China Life, the country's largest life insurer, fell 1.96 percent to 24.95 HK dollars.

China Merchants Bank outperformed the entire market by adding 0.4 percent to 19.92 HK dollars. PICC P&C went up 0.62 percent to 4.85 HK dollars.

On oil sectors, Sinopec, one of China's three largest oil producers, outperformed the entire market by gaining 0.56 percent to 7.19 HK dollars. CNOOC, China's largest offshore oil producer, edged down 0.29 percent to 6.97 HK dollars.

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