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BIZCHINA> Global Markets
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HK Shares close to five-month low
(Xinhua)
Updated: 2008-08-16 11:07 Hong Kong's benchmark Hang Seng Index on Friday closed to near a five-month low, driven by heavyweights China Mobile and China National Offshore Oil Corporation (CNOOC) on profit-taking, after a mild rebound of 0.5 percent on the previous session. The blue chip Hang Seng Index fell 232.13 points, or 1.09 percent, to 21,160.58 after trading between 20,994.54 and 21,383. 71 during the session, the lowest level since it closed at 21,108 on March 20. Turnover totaled HK$48.96 billion ($6.27 billion), down from HK$61.15 billion Thursday. All the four major sub-indices lost ground. The utility sub-index fell the most by 2.11 percent, followed by the property at 1.41 percent, the commerce and industry at 1.40 percent, and the finance at 0.59 percent. Blue-chip heavyweight HSBC, the largest component of the Hang Seng Index, moved down 0.48 percent to HK$124. 80. Heavyweight China Mobile, the largest mobile phone operator in the country and the market's largest stock measured by capitalization, dropped 1.4 percent to HK$93.45 on profit-taking after it rose 2.2 percent Thursday. China's largest offshore oil producer CNOOC ended 4.3 percent lower at HK$10.72 after Thursday's 7.5 percent rise. Chalco also fell 2.9 percent to HK$6.60 after the aluminum producer rose 6.8 percent Thursday. China Unicom fell for the fourth straight day on concerns that its 100 billion yuan($14.55 billion) investment plan for third-generation mobile services over the next two years would incur large depreciation charges and hurt its profitability. The wireless carrier dropped 2.9 percent to HK$14.18. Handset contract maker Foxconn International fell 9.4 percent to HK$7.69 on a gloomy margin outlook for the industry. Global fashion retailer Espirt ended down 2.5 percent at HK$78.50 due to worries over a slowdown in Europe, its key market that accounted for 86 percent of its revenue in the six months that ended on December 31. (For more biz stories, please visit Industries)
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