Share prices closed sharply lower last Friday following a Wall Street tumble as fresh credit market concerns and a spike in US home foreclosures heightened worries over the world's largest economy.
China stocks were under pressure as February inflation data will be released on the mainland next week, which could prompt new monetary tightening measures.
Trade was also cautious ahead of key US job data, while drops on Tokyo and Shanghai bourses and record oil prices also kept investors on edge. Also noted some hedge-fund selling to meet redemption pressure. The Hang Seng Index closed down 841.40 points at 22,501.33 or 3.6%. While the Hang Seng China Enterprise Index was down 459.06 points at 12,606.83 or 3.51%.
There's been all sort of negative news almost daily, such as subprime-related and recession fears in the US, large funds purportedly in trouble and more macroeconomic tightening measures on the mainland.
Besides, Thornburg Mortgage and Carlyle Group bond fund were the latest to reveal troubles with US mortgage-related investments, while Merrill Lynch said that it is closing down its subprime mortgage lending units.
Among large-caps, HSBC fell HK 4.10 to HK 117.40, China Mobile was down HK 4.80 at HK 110.10, HKEX was down HK 6.40 at HK 136.70 and China Life lost HK 0.90 at HK 28.35 .
Summary as :-
HKEX (0388) - HK 136.70
ICBC (1398) - HK 5.10
BANK OF CHINA (3988) - HK 3.14
CHINA CONSTRUCT BANK (0939) - HK 5.56
CHINA COAL (1898) - HK 14.52
CHINA COMMUNICATION (1800) - HK 19.58
CHEUNG KONG (0001) - HK 107.10
CHINA MERCHANTS HLDGS (0144) - HK 37.40
CHINA SHENHUA (1088) - HK 36.60
PETRO CHINA (0857) - HK 10.52
CHINA OVERSEA LAND (0688) - HK 13.26
China stocks were under pressure as February inflation data will be released on the mainland next week, which could prompt new monetary tightening measures.
Trade was also cautious ahead of key US job data, while drops on Tokyo and Shanghai bourses and record oil prices also kept investors on edge. Also noted some hedge-fund selling to meet redemption pressure. The Hang Seng Index closed down 841.40 points at 22,501.33 or 3.6%. While the Hang Seng China Enterprise Index was down 459.06 points at 12,606.83 or 3.51%.
There's been all sort of negative news almost daily, such as subprime-related and recession fears in the US, large funds purportedly in trouble and more macroeconomic tightening measures on the mainland.
Besides, Thornburg Mortgage and Carlyle Group bond fund were the latest to reveal troubles with US mortgage-related investments, while Merrill Lynch said that it is closing down its subprime mortgage lending units.
Among large-caps, HSBC fell HK 4.10 to HK 117.40, China Mobile was down HK 4.80 at HK 110.10, HKEX was down HK 6.40 at HK 136.70 and China Life lost HK 0.90 at HK 28.35 .
Summary as :-
HKEX (0388) - HK 136.70
ICBC (1398) - HK 5.10
BANK OF CHINA (3988) - HK 3.14
CHINA CONSTRUCT BANK (0939) - HK 5.56
CHINA COAL (1898) - HK 14.52
CHINA COMMUNICATION (1800) - HK 19.58
CHEUNG KONG (0001) - HK 107.10
CHINA MERCHANTS HLDGS (0144) - HK 37.40
CHINA SHENHUA (1088) - HK 36.60
PETRO CHINA (0857) - HK 10.52
CHINA OVERSEA LAND (0688) - HK 13.26
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