(Roundup) HK stocks end 0.65% lower

HONG KONG, (PNA/Xinhua) — Hong Kong stocks closed down 150.67 points, or 0.65 percent, at 23,038.95 on Tuesday following the mainland stock market as investors fear that the central government may tighten monetary policy.

The benchmark Hang Seng Index traded between 23,313.61 and 22,949.42. Turnover totaled 50.16 billion HK dollars (US$ 6.47 billion).

The Hang Seng China Enterprises Index ended down 48.91 points, or 0.46 percent, to close at 10,637.15.

All four sub-indices lost ground, with the Utility and the Properties both shrinking the most by 1.14 percent. The Commerce and Industry and the Finance lost 0.95 and 0.25 percent, respectively.

HSBC, which accounts for the largest weighting of the Hang Seng Index, edged up 1.47 percent to 86.35 HK dollars, becoming the best performer among blue-chips. The Banking giant announced Monday a 28-percent increase in net profit to US$ 3.2 billion during the three months to the end of September on major cost-cutting and lower bad debt charges.

China Mobile, China’s dominant mobile carrier, dipped 0.19 percent to 80.4 HK dollars, while another Chinese telecom giant China Unicom ended down 1.15 percent to 12 HK dollars. Local bourse operator HKEX fell 0.48 percent to 125.1 HK dollars.

For the local property stocks, Sun Hung Kai, HK’s largest property developer by market value, ended down 0.97 percent at 102 HK dollars; Cheung Kong properties, owned by billionaire Li Ka- shing, decreased 1.93 percent to 121.8 HK dollars.

As for mainland-based financial stocks, China Construction Bank, the country’s second largest bank which accounts for the third largest weighting of the Hang Seng Index, moved down 0.99 percent to 6.02 HK dollars.

ICBC, the world’s largest bank by market value, slumped 1.29 percent to 5.34 HK dollars. Bank of China ended lower 0.82 percent to 3.61 HK dollars.

As for energy stocks, China’s top refiner Sinopec edged up 0.47 percent to 6.41 HK dollars as it gained nearly 3 percent in A shares. PetroChina, the country’s largest oil and gas producer, declined 0.91 percent to 8.71 HK dollars. (1 U.S. dollar equals 7. 75 HK dollars).