Stocks Fall As Momentum Slows
May 11, 2011
The blue-chip Hang Seng Index lost 51.28 to 11328.21, while the broader All Ordinaries Index declined 22.19 to 5435.69. Volume was valued at 4.07 billion Hong Kong dollars. The financial subindex lost 41.40 to 11400.36. Banking group HSBC Holdings slipped 50 Hong Kong cents to HK$135, while its subsidiary Hang Seng Bank fell 25 cents to HK$80. The utilities subindex dropped 76.13 to 9712.94. Hongkong Telecommunications lost 15 cents to HK$13.10 and China Light & Power slid 10 cents to HK$33.50. The property subindex slipped 140.10 to 21180.74. New World Development was the second most-active stock Thursday, despite being suspended just after the afternoon session began. Credit Lyonnais Securities (Asia) said it was placing 75 million shares at HK$37.10 on behalf of the property developer. New World Development was last traded at HK$38, down 90 cents from the previous close. Meanwhile, Sun Hung Kai Properties dropped 50 cents to HK$76.75, while Cheung Kong (Holdings) fell 50 cents to HK$55.75. The commercial and industrial subindex slid 11.13 to 8377.88. Farr Scarlett, an affiliate of Cheung Kong, was unchanged at HK$47.20. Swire Pacific's Class A shares rose 25 cents to HK$70. The Hang Seng China Enterprises Index, which tracks Chinese Class H shares, ended at 814.92, down 0.69.
