AGL 38.30 Decreased By ▼ -1.28 (-3.23%)
AIRLINK 127.20 Decreased By ▼ -4.02 (-3.06%)
BOP 6.90 Increased By ▲ 0.09 (1.32%)
CNERGY 4.42 Decreased By ▼ -0.29 (-6.16%)
DCL 8.05 Decreased By ▼ -0.39 (-4.62%)
DFML 37.60 Decreased By ▼ -3.87 (-9.33%)
DGKC 77.85 Decreased By ▼ -4.24 (-5.17%)
FCCL 30.98 Decreased By ▼ -2.12 (-6.4%)
FFBL 70.01 Decreased By ▼ -2.86 (-3.92%)
FFL 11.93 Decreased By ▼ -0.33 (-2.69%)
HUBC 106.25 Decreased By ▼ -4.49 (-4.05%)
HUMNL 13.60 Decreased By ▼ -0.91 (-6.27%)
KEL 4.80 Decreased By ▼ -0.39 (-7.51%)
KOSM 7.16 Decreased By ▼ -0.45 (-5.91%)
MLCF 36.90 Decreased By ▼ -2.00 (-5.14%)
NBP 67.49 Increased By ▲ 3.48 (5.44%)
OGDC 184.35 Decreased By ▼ -8.47 (-4.39%)
PAEL 24.25 Decreased By ▼ -1.43 (-5.57%)
PIBTL 7.17 Decreased By ▼ -0.17 (-2.32%)
PPL 144.98 Decreased By ▼ -9.09 (-5.9%)
PRL 24.65 Decreased By ▼ -1.18 (-4.57%)
PTC 16.65 Decreased By ▼ -1.16 (-6.51%)
SEARL 78.90 Decreased By ▼ -3.40 (-4.13%)
TELE 7.35 Decreased By ▼ -0.41 (-5.28%)
TOMCL 32.04 Decreased By ▼ -1.42 (-4.24%)
TPLP 8.06 Decreased By ▼ -0.43 (-5.06%)
TREET 16.40 Decreased By ▼ -0.22 (-1.32%)
TRG 54.77 Decreased By ▼ -2.63 (-4.58%)
UNITY 27.55 Increased By ▲ 0.04 (0.15%)
WTL 1.31 Decreased By ▼ -0.06 (-4.38%)
BR100 10,195 Decreased By -309.6 (-2.95%)
BR30 29,963 Decreased By -1263.2 (-4.05%)
KSE100 95,629 Decreased By -2450.9 (-2.5%)
KSE30 29,774 Decreased By -785 (-2.57%)

Hong Kong's benchmark share index was dragged slightly lower on Thursday by fears of interest rate hikes in the United States and the spread of bird flu in China.
"It seems investors are still nervous when the outlook of the interest rate situation is uncertain," said Herbert Lau, research director at Celestial Asia Securities. "The bird flu presents a good excuse for some people to sell when the market is on a high."
The Hang Seng Index ended the day down 0.73 percent at 13,334.01 points, continuing its retreat from a 19-month high set on Tuesday
But Vanda Systems & Communications Holdings Ltd shone, soaring 36.94 percent to HK $1.52, after Hutchison Whampoa Ltd, controlled by Asia's richest businessman Li Ka-shing, injected its fixed-line phone assets into the firm.
Shares in Hutchison, the world's largest port operator, fell 0.77 percent to HK $64.25.
Philip Chan, head of research at Capital Securities, said the bird flu outbreak, which has killed at least eight people in Asia, was making investors nervous that the hot money that has been coming into Asia may retreat to Europe or the United States.
Turnover on the Hong Kong exchange has tripled from January 2003 as local and overseas investors poured money into Hong Kong-listed shares aimed signs of a nascent economic recovery.
But comments from the US Federal Reserve that indicated it might be getting closer to a rate hike spurred selling on Wall Street overnight and shook investors' nerves in Hong Kong. The city is particularly sensitive to any change in US interest rates as its currency is pegged to the dollar.
Rate-sensitive property and banking stocks took the brunt of the news, with the property sub-index falling 1.42 percent. Property-based conglomerate Wharf Holdings Ltd lost 4.36 percent to HK $24.15 but New World Development stood firmer, gaining 2.84 percent to HK $8.80.
Bank Of East Asia, which relies heavily on local lending, fell 3.39 percent to HK $24.25 although global banking giant HSBC Holdings stood unchanged at HK $121.50.
China shares also continued to slide, with the H-share index of mainland Chinese firm falling 1.53 percent to 4,639.94 after ING Market said on Wednesday the barometer of Chinese stocks had been overbought and it might have peaked in the first quarter.
Investors also worried about the economic impact of the deadly bird flu virus, which has killed at least eight people in Southeast Asia. But traders said it would not be a big issue here unless it spreads to humans in China or Hong Kong.
A 75-year-old Hong Kong woman is being quarantined and is under observation after she returned from Vietnam recently showing flu symptoms, a hospital in Hong Kong said late on Wednesday. Test results could be available later on Thursday.
Guangzhou Investment Co Ltd's tumbled 5.05 percent to HK $0.94 on resuming trade after mainland parent Yue Xiu Enterprises (Holdings) placed 500 million Guangzhou Investment shares at a four percent discount to their last close of HK $0.99.

Copyright Reuters, 2004

Comments

Comments are closed.