Market Is Due For A Correction
2003/07/17 17:51
HONG KONG (Dow Jones)--Hong Kong shares fell Thursday as sentiment turned cautious and investors took profits after two key cabinet officials resigned.
In the midst of an escalating political crisis over proposed anti-subversion legislation, Financial Secretary Antony Leung and Secretary for Security Regina Ip resigned late Wednesday, and Chief Executive Tung Chee-hwa said he will travel to Beijing to brief Chinese leaders this weekend about the current situation.
'Investors are turning cautious now. But the market is due for a correction after the recent gains and pullback in Wall Street,' said Kingston Lin, senior investment manager at Prudential Brokerage.
The blue-chip Hang Seng Index ended down 110.45 points, or 1.1%, at 10096.72 after trading the session in a range of 10035.20 and 10198.95.
The decline comes a day after the index hit a closing and intraday high for the year.
The broader S&P/HKEx LargeCap finished down 123.25 points at 10952.92.
Trading volumes were worth HK$11.7 billion, compared with HK$11.1 billion in the previous session.
HSBC Holdings fell 0.8% to end at HK$94.75. The index heavyweight had ended higher for the last four trading sessions.
Fixed-line operator PCCW, which is placing 715 million shares at HK$4.40 each, was suspended from trading with a last closing price at HK$4.85.
Amid expectations that PCCW's share price will fall when it resumes trading, reflecting the placing discount, other telecom plays declined.
China Mobile fell 2.8% to close at HK$20.95 and China Unicom ended 3.5% lower at HK$5.60.
2003/07/17 17:51
HONG KONG (Dow Jones)--Hong Kong shares fell Thursday as sentiment turned cautious and investors took profits after two key cabinet officials resigned.
In the midst of an escalating political crisis over proposed anti-subversion legislation, Financial Secretary Antony Leung and Secretary for Security Regina Ip resigned late Wednesday, and Chief Executive Tung Chee-hwa said he will travel to Beijing to brief Chinese leaders this weekend about the current situation.
'Investors are turning cautious now. But the market is due for a correction after the recent gains and pullback in Wall Street,' said Kingston Lin, senior investment manager at Prudential Brokerage.
The blue-chip Hang Seng Index ended down 110.45 points, or 1.1%, at 10096.72 after trading the session in a range of 10035.20 and 10198.95.
The decline comes a day after the index hit a closing and intraday high for the year.
The broader S&P/HKEx LargeCap finished down 123.25 points at 10952.92.
Trading volumes were worth HK$11.7 billion, compared with HK$11.1 billion in the previous session.
HSBC Holdings fell 0.8% to end at HK$94.75. The index heavyweight had ended higher for the last four trading sessions.
Fixed-line operator PCCW, which is placing 715 million shares at HK$4.40 each, was suspended from trading with a last closing price at HK$4.85.
Amid expectations that PCCW's share price will fall when it resumes trading, reflecting the placing discount, other telecom plays declined.
China Mobile fell 2.8% to close at HK$20.95 and China Unicom ended 3.5% lower at HK$5.60.
