Thursday, November 10, 2011

#Flash* Hang Seng Index falls nearly 1,000 pts

HONG KONG (Nov 10): Hong Kong's benchmark Hang Seng Index fell 4.52% or almost 1,000 points in the opening minutes of Thursday trading, as financials sold off amid concerns about Italy's finances and their effect on the global economy.

The Hang Seng Index traded down 4.3% at 19,148.92, while the Hang Seng China Enterprises Index lost 4.4%, and over on the Chinese mainland, the Shanghai Composite gave up a more modest 0.8%.

Shares in HSBC Holdings PLC surrendered 7.5% of their value in the wake of the bank's posting a 36% drop in quarterly profit excluding special items, as well as a sharp rise in non-performing loans.

Industrial & Commercial Bank of China Ltd fell 7.7%, and Agricultural Bank of China Ltd. gave up 4.6%.

Real-estate stocks were also among the leading decliners, with China Resources Land Ltd falling 6.7%, and Hang Lung PROPERTIES [] Ltd losing 6.8%. - MarketWatch

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