Nov. 24, 2008 (China Knowledge) - Hong Kong stocks fell on Monday, with financial stocks hit as the fate of U.S. banking giant Citigroup remained undecided and on reports of a US$3 billion capital raising plan by Standard Chartered.
The Hang Seng Index, the benchmark, opened 419 points lower at 12,239.49. After fluctuating between 12,707.23 and 12,239.49 points, the blue-chip Hang Seng Index dropped 201.26 points or 1.59% to close at 12,457.94. Mainboard turnover fell to HK$35.02 billion from HK$50.44 billion on Friday.
Hang Seng China Enterprise Index, which tracks the overall performance of 43 Chinese mainland state-owned enterprises on the Hong Kong Stock Exchange, edged down 48.01 points or 0.75% to 6,376.96 points.
Market heavyweight HSBC Holdings Plc<5><HBC>, which accounts for the largest weighting for the Hang Seng Index, shed 2.99% to HK$74.75.
Another market heavyweight China Mobile<941><CHL>, the largest firm by capitalization in the Hong Kong market, slid 2.22% to HK$66.00.
Offshore oil producer CNOOC<883><CEO> added 1.98% to HK$5.16. Sinopec<600028><386><SNP>, Asia's largest oil refiner fell 1.60% to HK$4.32, while PetroChina<601857><857><PTR>, the country's largest oil producer and also involved in refining business, ended 1.08% lower at HK$5.51.
China Construction Bank (CCB)<601939><939>, lost 1.58% to HK$3.75, and Industrial & Commercial Bank of China (ICBC)<601398><1398>, the national's largest lender, ended flat at HK$3.35.
Bank of China (BOC)<601988><3988> ended 2.34% higher at HK$2.19. Bank of Communications (BoComm)<601328><3328> and China Merchants Bank (CMB)<600036><3968> rose 1.14% and 0.51% to HK$4.44 and HK$11.76 respectively.
Top insurer China Life Insurance<601628><2628><LFC> slid 2.14% to HK$19.224 while smaller rival Ping An Insurance<601318><2318> tumbled 4.87% to HK$28.35.
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