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Hong Kong stocks close down 8.17%

(Xinhua)
Updated: 2008-10-08 21:14

HONG KONG - Hong Kong stocks shed 1,372.03 points, or 8.17 percent, to close at 15,431.73 on Wednesday amid the worsening global financial turmoil, ignoring boost measures by the United States and European authorities.

The benchmark Hang Seng Index tracked heavy overnight losses on Wall Street to open 4.14 percent lower at 16,107.98 and soon went below the 16,000 mark. It once patched part of its losses in the afternoon at the intra-day high of 16,422.52 but tumbled even more thereafter to close down 1,372.03 points, or 8.17 percent, at 15, 431.73.

It was the biggest losses ever by either points or percentage points for the blue-chip index and the lowest close reading in over two years.

Turnover totaled 77.78 billion HK dollars (US$9.97 billion), moderately higher than Monday's 47.33 billion HK dollars (US$6.07 billion).

All the 42 blue chip stocks lost ground, with market HSBC Holdings shedding 4.7 HK dollars, or 3.9 percent, at 115.8 HK dollars, and HSBC local unit Hang Seng Bank losing 4.6 HK dollars, or 3.90 percent, to close at 113.4 HK dollars.

Analysts attributed the losses to heavy sell-off, with some saying that the market could respond later to the concerted boost measures by authorities worldwide, especially the British injection of 250 billion pounds into the banking system.

The Hong Kong Monetary Authority announced a surprise rate cut of 100 basis points by adjusting the methodology for determining the discount window base rate, which the market ignored as it widened its losses in the afternoon.

China Mobile, by far the largest carrier on the mainland and one of the market heavyweights, lost 6.1 HK dollars, or 8.40 percent, to close at 66.5 HK dollars, while its competitor China Unicom plummeted 10.30 percent to 9.06 HK dollars on its first trading day after stock merger with the Hong Kong-listed China Netcom.

CNOOC, the Chinese mainland-based offshore oil producer, turned out one of the worst performing stocks by dropping 14.25 percent to close at 6.5 HK dollars. (7.8 HK dollars = 1 US dollar)