Hong Kong shares -- 2 (properties lower on lack of extra stimulus measures)

At 11:55 am, the Hang Seng Index was down 98.11 points at 14,079.25 on turnover of 3.14 bln hkd, while the Hang Seng March contract last traded at 14,007.00 points. Tang of Vickers Ballas said the property sector was also under pressure after no further stimulus measures for the property market were included in the government budget. Tang said as expectations of further interest rate cuts in the U.S. have been mostly discounted in the market, "the 'no-surprise' budget dealt a blow to property stocks." Cheung Kong fell 0.75 to 91.75 hkd, Henderson Land lost 0.30 to 45.50 and New World Development shed 0.20 to 13.45, while Sun Hung Kai Properties was unchanged at 84.00. Hang Lung Development was down 0.10 at 7.85 and Amoy Properties off 0.20 at 9.25. According to a report, Hang Lung Group is planning a business reorganisation. HSBC was unchanged at 102.50. The bank said it will announce a restructuring and service fee collection plan early next month. Hang Seng Bank lost 1.50 to 93.00 and Bank of East Asia fell 0.10 to 18.90. Dealers said red chips and H shares fell with sentiment dampened by volatility and loss of momentum in China's B share markets. China Resources was unchanged at 11.90, while Shanghai Industrial was down 0.25 at 13.75. Shanghai Petrochemical fell 0.01 to 1.01 and Zhenhai Refining shed 0.01 to 1.13, while CNOOC was unchanged at 6.30. On the GEM board, tom.com fell 0.025 to 2.20 and Sunevision shed 0.075 to 2.575.

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