Hong Kong shares close sharply lower led by China Mobile/Cheung Kong/Hutchison

HONG KONG (AFX-ASIA) - Share prices closed sharply lower led by heavy losses in China Mobile, Cheung Kong and Hutchison Whampoa, as already weak sentiment was undercut by further falls on U.S. and regional markets, dealers said.	    They said telecoms saw very heavy selling amid concerns over a possible renewed price war in the China market, while Cheung Kong and Hutchison dropped ahead of their 2000 results, released just after the market closed.	    The Hang Seng index closed down 532.59 points or 4.05 pct at 12,621.85,  off a low of 12,585.77 and a high of 12,992.29, on turnover of 9.0 bln hkd.	    The Hang Seng March contract last traded at 12,550 points.	    The Hang Seng China Enterprises index was down 5.68 points at 383.20, while the CAC index down 49.71 points to 1,015.28.	    TraHK was down 0.55 hkd at 12.8 on volume of 25.69 mln units.	    The GEM index was down 6.25 points at 260.86 on turnover of 94.64 mln hkd.	    MTR Corp was down 0.3 at 12.65 on 5.03 mln shares.    	    "I think there is panic selling on very weak market sentiment," Alex Tang, head of research at Core Pacific Yamaichi, said.	    But he said the market looks oversold and there could be some bargain hunting shortly.	    "I expect support will be at about 12,000 points while resistance is at about 14,500 points," Tang added.	    Wilson Wong, analyst with Pegasus Fund, said the local bourse's prospects depend on Wall Street and sentiment currently is very "pessimistic."	    China Mobile led losses, down 2.7 hkd or 7.31 pct at 34.20.	    China Unicom fell 1.1 or 11.2 pct to 8.70 and PCCW lost 0.15 or 4 pct to 3.60.	    Uncertainties remain on whether there will be another round of tariff cuts in China, dealers said.	    Hutchison Whampoa closed down 2.75 or 3.31 pct at 80.25 ahead of releasing 2000 results, which showed a net profit of 34.11 bln hkd, against analysts' expectations of 33.3-37.7 bln. 	    Cheung Kong was down 4.0 or 4.63 pct at 82.25 before reporting a 2000 net profit of 19.436 bln hkd, against analysts' forecasts of 17.0-25.22 bln.	    Sun Hung Kai Properties lost 3.0 to 71.75, Henderson Land shed 2.30 to 38.40 and New World Development lost 0.65 to 9.55.	    Wharf Holdings lost 0.95 to 18.30 on news that the company has disposed of its entire 26.7 pct stake in Cross Harbour (Holdings) Ltd, dealers said.	    Shangri-La Asia rose 0.1 or 2.56 pct to 7.90 after it recorded a net profit of 77.03 mln usd, up from 66.85 mln a year earlier.	    HSBC fell 2.5 to 90.75, Hang Seng Bank shed 3.50 to 85.75, and Bank of East Asia lost 0.5 to 17.70. 	    Among China plays, China Resources fell 0.45 to 10.15, Cosco Pacific dropped 0.225 to 4.425, and China Merchant declined 0.15 to 5.30.	    China Travel International Investment Hong Kong was down 0.05 at 1.02 after the company said it had agreed to acquire assets from parent China Travel Service (Holdings) Hong Kong for 1.911 bln hkd.	    Chu Kong Shipping was up 0.01 at 0.72. 	    Angang New Steel was up 0.05 or 5.88 pct at 0.90 on a high dividend yield and positive business outlook.	    i-Cable Communications was down 0.025 at 3.50, erasing early gains after the company reported stronger-than-expected 2000 results, dealers said.	    On the GEM board, tom.com was flat at 2.0, while Sunevision was down 0.125 at 2.20.

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