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Hong Kong stocks barely hold above 20,800 level
2007-06-07 03:13:22 Xinhua English

HONG KONG, June 7 (Xinhua) -- Hong Kong stocks barely held above the 20,800-point level here Thursday as the market absorbed the shockwave brought by the European Central Bank's interest rates hike to six-year high of 4 percent.

The benchmark Hang Seng Index plunged 180.71 points, or 0.87 percent, to open at 20,637.9, off the intra-day low of 20,600.37, and rebounded slowly to narrow the losses to 18.45 points, or 0.09percent to close at 20,800.16, near the intra-day high of 20,838.44.

Turnover rose slightly to 64 billion HK dollars (8.2 billion U.S. dollars) from Wednesday's 62.63 billion HK dollars (8.03 billion U.S. dollars).

Among 39 Hang Seng Index constituent shares, decliners outnumbered gainers 23 to 12, and four equities stood unchanged.

CNOOC, China's largest offshore oil producer, continued its bull run by advancing 2.48 percent to 8.27 HK dollars, lifting the entire market by 22 points. But the gains were offset by losses in other blue-chip stocks.

HSBC, the largest stock measured by capitalization, went down 0.21 percent to 144 HK dollars.

Another market heavyweight China Mobile, the country's largest mobile phone operator, outpaced the entire market by 0.21 percent to 73 HK dollars.

The property sectors were mixed. Wharf lost 1.48 percent to 33.35 HK dollars. Sino Land weakened 1.18 percent to 16.69 HK dollars. Hutchison dropped 0.71 percent to 76.95 HK dollars. Henderson Land moved down 0.37 percent to 54.4 HK dollars. SHK Properties yielded 0.27 percent to 90.5 HK dollars.

New World Development outshone the overall market by advancing 1.43 percent to 19.84 HK dollars. Hang Lung added 0.76 percent to 26.55 HK dollars. Cheung Kong, one of Hong Kong's largest house developers controlled by tycoon Li Ka-shing, edged up 0.1 percent to 103.3 HK dollars.

China Enterprise Index, or H-shares reflecting those stocks of enterprises registered on the Chinese mainland, fell 0.65 percent to 10,956.67.

PetroChina, the country's largest oil producer, lost 0.95 percent to 10.44 HK dollars.

Sinopec, China's second largest oil producer, dipped 0.56 percent to 8.6 HK dollars.

China's banking and insurers sectors were mixed. ICBC, China's largest lender, was 0.49 percent weaker to 4.07 HK dollars. Ping An fell 0.53 percent to 46.95 HK dollars. Bank of China declined 0.53 percent to 3.78 HK dollars. China Construction Bank slid 0.27percent to 4.67 HK dollars. China Merchants Bank dropped 0.94 percent to 21 HK dollars.

China Life, the country's largest life insurer, outpaced the Hang Seng Index by adding 0.2 percent to 24.65 HK dollars. PICC added 0.2 percent to 4.92 HK dollars.

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