STOCKWATCH: HKCB Bank sharply lower; no support from takeover plan

HONG KONG (AFX-ASIA) - HKCB Bank shares were sharply lower this morning, with little support from its plan to purchase up to three local consumer finance related businesses, dealers said.	    At 11:12 am, HKCB Bank was down 0.175 hkd or 5.0 pct at 3.325, on trade of 6.60 mln shares. The financial sub-index dropped 293.98 points at 20,277.68.	    The Hang Seng index was down 265.46 points at 13,453.39.	    Steven Chan, an analyst with G.K. Goh Securities, said HKCB Bank was hit by the the negative broad market sentiment, but its acquisition plan should enhance its competitiveness in the consumer finance business. 	 					  	 	 				

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