HSI down midday, led by China Mobile, properties

Hong Kong stocks were down at midday, led by China Mobile (0941) which faced selling pressure as profit takers took note of its recent 6.7-pct rebound. Properties also lost ground as the government's 2001/2002 Budget didn't include any initiatives to fuel the property sector, traders said. Heavyweight HSBC Holdings (0005) gained 0.5%. At midday, the Hang Seng Index was down 88.39 pts, or 0.62%, at 14,088.97, having being down as much as 210 pts. Turnover was thin at HK$3.58 bln, down from the half-day HK$4.13 bln yesterday.The Growth Enterprise Market index fell 1.75 pts, or 0.61%, to 286.63. Turnover was HK$65 mln, sharply down from the half-day HK$112.82 mln yesterday.The blue-chip measure is expected to move between 13,800 and 14,400 today. Telecoms issues continued to fall even after the Nasdaq market gained overnight for a third day.China Mobile fell another 1.1% to HK$36.70. Some investors hurried to take profit from its 6.7-pct rebound at the beginning of the week, traders said. The stock had lost some 14% since March 1st when it said it got the nod from mainland authorities to launch a new tariff package near the end of the month.Rival China Unicom Ltd. (0762) fell 0.5% to HK$11.10.Hutchison Whampoa Ltd. (0013) lost 2.2% to HK$87.50. Pacific Century CyberWorks (0008) shed 0.6% to HK$4.225.Properties extended their losses and the disappointing Budget was to blame, analysts said. Cheung Kong Holdings Ltd. (0001) fell 0.8% to HK$91.75. Sun Hung Kai Properties Ltd. (0016) was flat at HK$84. Henderson Land Development Co. (0012) fell 0.2% to HK$45.70. Amoy Properties Ltd. (0101) fell 1.6% to HK$93 and Hang Lung Development Co. (0010) shed 1.9% to HK$7.80 despite reports that they will undergo a restructuring.Banks moved up as a group with HSBC rising 0.5% to HK$103, moving in a narrow HK$1 range. Hang Seng Bank (0011), an HSBC unit, fell 1.9% to HK$92.75. Dao Heng Bank Group (0223) rose 0.8% to HK$39.40Wing Hang Bank (0302) retreated 1% to HK$28.95 ahead of its full-year earnings announcement later today. Turnover was heavy at HK$16.62 mln, nearly a third more than its full-day figure yesterday.Hong Kong-traded China issues edged down as a group, as Shanghai and Shenzhen-listed B shares began to feel profit-taking pressure after the recent buying frenzy by mainland punters.Legend Holdings Ltd. (0992) lost 4.1% to HK$5.90. The stock was recently boosted by its plan to spin off Digital China for a main board listing. Two main power producers were soft after saying that they will spend more to boost power capacity. Beijing Datang Power Generation Co. (0991) was flat at HK$2.45. Shandong International Power Development (1071) fell 1.4% to HK$1.46. Utilities edged down as a group. CLP Holdings Ltd. (0002) shed 0.2% to HK$40.10. Hong Kong and China Gas Ltd. (0003) was flat at HK$11.50. Hong Kong Exchanges and Clearing Ltd. (0388) fell 2.2% to HK$15.65. Mass Transit Railway Corp. (0066) was unchanged at HK$14.On the GEM, Tom.com Ltd. (8001) was flat at HK$2.225. E-Silkroad.net Holdings (8071) fell 2.2% to 88 HK cents.

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