Hong Kong shares -- 2 (index may test 12,000 pts:analyst)

At 11:17 am, the Hang Seng Index was down 317.74 points at 12,533.67 on turnover of 2.62 bln hkd, while the Hang Seng March contract last traded at 12,580 points.    Johnson Hui, vice president of Bank of China International Securities, said the Hong Kong market is still looking for its bottom and further losses are very likely.    "The corrections have not been done yet. With the volatility in U.S. equity markets, the Hang Seng Index may test 12,000 points and even 11,800 points before a meaningful rebound," Hui said.    Apart from the badly hit telecom sector, the property and bank sectors both reversed their gains of yesterday, an analyst with a regional securities house said, adding that the two sectors have been very sensitive to any change in economic fundamentals.    "If the U.S. economy fails to have a soft landing, the global economy will suffer. Worries have run deeper after a slew of corporate profit warnings," the analyst said.    Cheung Kong fell 1.25 to 78.25, Sun Hung Kai Properties lost 1.50 to 72.00, Henderson Land shed 0.70 to 38.80 and New World Development dropped 0.25 to 9.95.    HSBC shed 1.75 to 90.25 and Hang Seng Bank lost 1.75 to 89.25.    CKI lost 0.30 to 12.75 after a report said the company failed to obtain approval from the South Australian State Parliament for a plan under which CKI would lend 26.5 mln aud to an Australian consortium for railway construction.    Led by declines on NASDAQ, tom.com lost 0.04 to 1.94 and Sunevision fell 0.10 to 2.05.    However, follow-through buying continued to boost H-shares on optimism over their profit outlook, dealers said.    Chongqing Iron rose 0.04 to 0.64, Anhui Conch gained 0.05 to 1.03 and Angang New Steel added 0.04 to 1.04. 

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