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HK stocks lose 0.47%, investors remain cautious after Fed meet
Last Updated(Beijing Time):2007-05-11 10:28
Hong Kong share prices fell 0.47 percent on Thursday as investors remained cautious after the U.S. Federal Reserve held its interest rate unchanged.

The benchmark Hang Seng Index opened 0.55 percent lower at 20, 729.52 and fluctuated between intra-day high of 20,821.86 and intra-day low of 20,683.3 before moving down 98.51 points, or 0.47 percent, to close at 20,746.27.

Turnover rose to 60.53 billion HK dollars (7.76 billion U.S. dollars) from Wednesday's 56.8 billion HK dollars (7.27 billion U.S. dollars).

HSBC, the largest stock measured by capitalization, went down 0.48 percent to 146 HK dollars, downing the entire market by 19.6 points.

Another market heavyweight China Mobile, the country's largest mobile phone operator, dipped 0.16 percent to 71.95 HK dollars, dragging the market by 42.67 points.

Property sectors were weak as investors were still cautious as the U.S. Federal Reserve said it remained concerned over inflation,dampening market hopes for an early interest rate cut.

Cheung Kong, one of Hong Kong's largest house developer controlled by tycoon Li Ka-shing, lost 1.8 percent to 103.8 HK dollars, pulling down the market by 14.38 points. Hutchison went down 0.45 percent to 78.1 HK dollars. SHK Properties retreated 0.84 percent to 94.6 HK dollars. New World Development fell 1.2 percent to 20.5 HK dollars.

Hung Lung Property, Henderson Land and Sino Land outperformed the market by gaining 0.81 percent, 0.56 percent and 0.22 percent respectively.

China Enterprise Index, or H-shares, outperformed the entire market and rose 0.48 percent to 10,566.67 as Shanghai and Shenzhen stocks on the Chinese mainland continued their bull run.

China's banking and insurers sectors ended mixed. ICBC, China's largest lender, edged down 0.23 percent to 4.3 HK dollars. China Construction Bank dipped 0.14 percent to 4.83 HK dollars. China Life, the country's largest life insurer, went down 0.2 percent to 25.1 HK dollars.

Bank of China increased 0.26 percent to 3.92 HK dollars. Ping An gained 2.53 percent to 45.75 HK dollars as UBS raised its target price to 48.55 HK dollars. China Merchants Bank surged 3.65 percent to 21.3 HK dollars.

Oil sectors' performance were mixed. PetroChina, the country's largest oil producer, fell 1.81 percent to 9.76 HK dollars. CNOOC, China's largest offshore oil producer, edged down 0.29 percent to 6.91 HK dollars. Sinopec, China's another oil producer giant, outperformed the entire market by gaining 1.1 percent to 7.38 HK dollars.

Maanshan Iron jumped 8.4 percent to 6.32 HK dollars.

China Cosco soared 8.98 percent to 8.98 HK dollars.

China East Air rocketed 13.52 percent to 3.19 HK dollars amid reports that Singapore Airlines is considering to buy in the company's stake and become a strategic investor.

Air China climbed 3.36 percent to 5.84 HK dollars. China South Air rose 3.38 percent to 3.98 HK dollars. (7.8 HK dollars = 1 U.S.dollars)

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