Share prices closed sharply lower as investors took profits in large-caps, China financials and local property developers amid mounting worries over the global economy.
A weak finish in Shanghai, which failed to extend yesterday's over 7 pct surge following an economic stimulus package, weighed on sentiment.
HSBC slumped more than 4.6 pct, pressuring the key index, after reporting third-quarter loss in its US unit amid a significant rise in bad loan charges.
Semiconductor Manufacturing International Corp (SMIC) soared nearly 30 pct after announcing plans to sell some stake to Datang Telecom Technology & Industry Holdings.
The Hang Seng index closed down 703.73 points or 4.77 pct at 14,040.90, off a low of 13,926.71 and high of 14,853.83.
Turnover was 54.39 bln hkd.
The Hang Seng China Enterprises index was down 275.93 points or 3.72 pct at 7,136.92
The property sub-index fell 1,253.02 points or 7.08 pct to 16,441.87.
HSBC was down 4.3 hkd or 4.66 pct at the day's low of 88.0.
SMIC closed up 0.045 hkd or 29.03 pct at 0.20, off a high of 0.25. (1 usd = 7.8 hkd)
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