Hang Seng Index loses 1.24% amid worries over U.S. economy
The Hong Kong stocks ended lower on Monday, amid the worries over the recession in the world's largest economy, as the U.S. revealed weaker-than-expected employment growth.
The benchmark Hang Seng Index lost 340.2 points, or 1.24%, to close at 27,179.49 points. The China Enterprise Index, which tracks the performance of the Chinese state-owned firms listed on the Hong Kong Stock Exchange plunged 312.66 points, or 1.97%, to 15,590.74 points.
The trading turnover on the bourse rose to HK$113.5 billion, as the investors dumped shares amid concerns over further slump on the stock market.
The U.S. Labor Department announced on Friday that the unemployment rate hit the record highest level in two years, while the non-farm payroll data signaled a weaker-than-expected job growth. The Asian Development Bank forecasted the U.S. economy to grow at a slower pace.
The slump was led by three biggest heavyweights in Hong Kong. HSBC<5>
The export-oriented companies went down. LI & FUNG<494>, a supplier of the U.S. retail magnate Wal-Mart, fell 6.6%, or HK$2.05, to finish at HK$28.95. The Taiwan-based Foxconn International Holdings<2038>, a leading mobile component maker, slipped 6.2%, or HK$1.02, to HK$15.54.
The property stocks witnessed a rally despite the slump of the benchmark index. Sun Hung Kai Properties<86>, the largest property developer in Hong Kong, gained HK$3.7 or 2.2% to HK$169.80, while Sino Land<83> edged up 2.9% to HK$28.45.
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