Hang Seng Index tumbles 4.54% on Tue

Nov. 18, 2008 (China Knowledge) - Hong Kong stocks retreated on Tuesday, tracking steep losses on the Shanghai bourse.

The Hang Seng Index, the benchmark, opened 230.65 points or 1.71% lower at 13,298.88. After fluctuating between 12,363.57 and 13,363.57 points, the blue-chip Hang Seng Index dropped 613.64 points or 4.54% to close at 12,915.89. Mainboard turnover rose to HK$44.84 billion from HK$39.84 billion on Monday.

Hang Seng China Enterprise Index, which tracks the overall performance of 43 Chinese mainland state-owned enterprises on the Hong Kong Stock Exchange, fell 369.74 points or 5.31% to 6,598.35 points.

Market heavyweight HSBC Holdings Plc<5><HBC>, which accounts for the largest weighting for the Hang Seng Index, slumped 3.60% to HK$79.00.

Another market heavyweight China Mobile<941><CHL>, the largest firm by capitalization in the Hong Kong market, slid 3.84% to HK$66.30.

China Construction Bank (CCB)<601939><939> tumbled 5.60% to HK$3.88 after the Bank of American said it was exercising its option to increase its stake in the mainland lender, but at a discount to its current trading price.

Hong Kong Exchanges and Clearing (HKEx)<388>, the operator of Asia's second-largest stock market, plummeted 7.51% to HK$56.00.

Offshore oil producer CNOOC<883><CEO> tumbled 5.16% to HK$5.70. Sinopec<600028><386><SNP>, Asia's largest oil refiner fell 5.71% to HK$4.29, while PetroChina<601857><857><PTR>, the country's largest oil producer and also involved in refining business, ended 3.61% lower at HK$5.60.

Aluminum Corp of China (Chalco)<601600><ACH><2600>, the country's largest aluminum producer, lost 6.53% to close at HK$3.15.

Huadian Power International Corp<600027><1071>, China's largest independent power producer, ended flat at HK$1.40. 

Industrial & Commercial Bank of China (ICBC)<601398><1398>, the nation's largest lender, edged down 2.70% to HK$3.60.

Bank of China (BOC)<601988><3988> ended 2.32% lower at HK$2.11. Bank of Communications (BoComm)<601328><3328> and China Merchants Bank (CMB)<600036><3968> dropped 2.65% and 8.06% to HK$4.40 and HK$12.10 respectively.

Top insurer China Life Insurance<601628><2628><LFC> plunged 6.76% to HK$20.00 while smaller rival Ping An Insurance<601318><2318> dived 11.95% to HK$29.10.