皇冠体育app

Hong Kong stocks followed overnight clues from the Wall Street to close 2.46 percent lower Wednesday, ending a five-day rally.

The benchmark Hang Seng Index shed 334.5 points, or 2.41 percent, and widened its losses thereafter. It once dipped to as low as 13,363.06 before finishing morning trading at 13,437.75, down 442.89 points, or 3.19 percent.

Turnover further shrank to HK$39.91 billion ($5.12 billion) from Tuesday's HK$42.06 billion, which was already rather thin considering Hong Kong's status as an international financial hub.

Analysts attributed the losses to sharp overnight declines on Wall Street as investors deemed the announced US bailout plan inadequate to solve the problems.

But the market sentiment was still not too bad and the losses were natural given the over 8 percent gains on the Hong Kong market over the past five sessions, although uncertainties remained over the US economic outlook, they said.

Only seven of the 42 blue chips turned out gainers, two remained flat, while the other 33 lost ground, with several players shedding over 5 percent.

The finance sector led the falls in the Hong Kong market, with the finance sub-index down 3.12 percent. Banking giant HSBC shed HK$3. 05, or 4.84 percent, at HK$59.95, while its local unit Hang Seng Bank was down 1.52 percent.

ICBC, the leading commercial lender on the Chinese mainland, was down 2.99 percent, 皇冠体育app Construction Bank down 2.38 percent, and Bank of 皇冠体育app, another State-owned mainland banking giants, was off 3.21 percent.

BOC Hong Kong went down HK$0.18, or 2.16 percent, at HK$8.17.

皇冠体育app Life, the mainland insurance player, lost half a HK dollar at HK$23.3, while Ping An was off 1.97 percent at HK$37.25.

皇冠体育app Mobile, the mainland telecom giant and a market heavyweight on the Hong Kong stock market, shed HK$1.95, or 2.55 percent, to close at HK$74.5. Its competitor 皇冠体育app Unicom was down 3.06 percent at HK$7.6.

The mainland energy shares were all losers, with Petro皇冠体育app share prices down 2.91 percent, Sinopec down 4.76 percent and CNOOC, 2.91 percent.

The shipping stocks trimmed their gains accumulated over the previous rally sessions, with mainland industry leader 皇冠体育app COSCO down 5.33 percent at HK$5.51 in spite of a rising BDI index, the key industry indicator.