HSI declined in early trade following U.S. Losses

The benchmark Hang Seng Index was lower in early trade as following the declines in the U.S. and European markets overnight. HSBC Holdings (0005), the largest blue chip, led the losses. China cellphone firms, which obviously outperform the market recently, retreated and other China stocks fell on profit taking. Investors continued to keep sideline properties. At 10:16 a.m. Hong Kong time, the HIS lowered 246.08 points, or 2.57 percent, at 9,312.07 points. The Growth Enterprise Market Index shed 1.59 point, or 0.97 percent, to 162.86 points. HSBC shed 3.2 percent to HKD95.25 after rising for the past two days. Turnover was HKD193 million. Sun Hung Kai Properties (0016) lowered 1.5 percent to hit the 52-week low of HKD47.40. Also at a 52-week low was New World Development (0017) which was down 3 percent at HK$4.85. Hong Kong's largest developer Cheung Kong (Holdings) Ltd. (0001) drop 2.6 percent to HK$55.50 after gaining 3.6 percent yesterday. China Mobile (Hong Kong) Ltd. (0941), the mainland's largest mobile phone company, edged down 3.4 percent to HKD22.55 after rising for the past five trading days for an accumulated gain of 20 percent. Rival China Unicom Ltd. (0762) declined 4.3 percent to HKD7.85 after jumping 8 percent yesterday.

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